Rupert Murdoch‘s News Corporation revised earning projections for the year and the numbers aren’t pretty. The global media conglomerate now predicts that its operating profit will fall 15 percent over last year despite saying the number would increase four to six percent earlier in the year.

In large part, the company blamed lowered television revenues on the decline, although the slumping world economy isn’t making matters any easier.

So what does this all mean?

Well, for one, the company’s stock plunged almost 20 percent in trading from yesterday’s opening. It fell 25 percent on the Australian market — to $12.50 (Australian dollars) — the biggest one-day drop since 1990.

News Corp. will also begin examining ways to cut costs, which will likely include staff cuts. “We’re managing down headcount wherever appropriate,” Murdoch said. “The businesses across the board are challenged right now by weakening markets, and our group-wide results are further impacted by progressively weak foreign currencies when translating these to US dollars.”

The effect on The Wall Street Journal and the company’s other American media properties is not yet known.