News Corporation investors are waiting to see if the company will write down assets and make job cuts, as the economic recession has pushed profit declines past expected marks, Reuters reported Wednesday.

"I think they've been the most aggressive in trying to develop businesses with long-term returns on capital ... where others initially didn't believe or thought the start-up costs were too high," Pali Capital analyst Rich Greenfield wrote in a note last week, according to Reuters.

However, Greenfield stated in the note, "It just feels like the legacy assets are weighing too heavily."

News Corp. Chief Executive Rupert Murdoch has held off on making deep staff cuts for the corporation's 60,000 employees around the world, but media reports have stated employees at The Wall Street Journal and New York Post newspapers are bracing for possible cuts, Reuters reported.

Should News Corp. write down assets, (UBS analyst Michael Morris estimates it could write down up to US$10 billion, a sixth of its assets) it would not hurt performance, but instead be "an admission the company paid more for acquisitions than it should have" which could hurt its stock price, according to Reuters.

According to All Things Digital, which is owned by Dow Jones, part of News Corp., Greenfield stated that News Corp. could be divided into two businesses: film studio, cable networks, MySpace and other "good" assets, and broadcast TV, newspaper and other "bad" assets."