Media group Nine Entertainment will make up to 200 jobs redundant across the business.Sydney Morning Herald and The Australian Financial Review, wIn an email to staff on Friday morning, chief executive Mike Sneesby said the cuts were prompted by a weak advertising market and the likelyDespite being well-placed to manage the cyclical challenges facing media companies, Sneesby said Nine was not immune to the “economic headwinds impacting many businesses globally”.
Executives from Nine’s broadcast, publishing and radio divisions are expected to inform staff of the extent of the cuts on Friday morning, in a bid to find $30 million in savings across the business., which both announced a series of cuts recently. Each company has received about $15 million from Meta across the past three years. Those deals expire on Sunday this week.as it deals with one of the softest advertising markets in several decades.
“We will be focused on finding efficiencies where we can, and making prudent decisions so we can continue to invest in growth areas that are driving subs. We are looking at reducing the publishing division headcount by between 70 and 90 staff over coming months,” Maguire said. Sneesby said these were “tough decisions” to make, also acknowledging it will be an uncertain period for some of his staff.Revenue streams in the business have drastically changed since the two companies came together, bringing broadcast television, newspaper publishing, radio, digital and streaming video on demand platforms together under one roof.
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