A screen grab of the Daily Maverick announcing that it will be retrenching 5% of its permanent employees and initiating a 15% reduction in operating costs.The Daily Maverick has announced that it will be retrenching five percent of its permanent employees and initiating a 15% reduction in operating costs saying the decision came after careful consideration and exhausting other options.
The publication’s founding CEO Styli Charalambous, said they were aware and understood that the retrenchments would be a very difficult period for the company especially to those who would be affected directly. “Without legislative changes to incentivise and encourage support from philanthropic entities, corporates and the public, the sustainability of journalism will continue to be out of reach.
In July, Media24, announced that it will no longer be retrenching some of its newspaper journalists from Beeld, followingIn a report, News24 said of the four publications under its stable, only Bleed and 66 journalists will be retained while the company continues with consultation process with the rest of the staff affected by the proposed retrenchments.