BDFM is looking to retrench more of its staff in a bid to cut costs, Business Day reported on Tuesday (17 September 2013).
In its reporting of Times Media Group acquiring a 32.26% stake in Ghana’s Multimedia Group Limited, Business Day said “the financial news division of Times Media Group, BDFM, is looking to retrench some editorial staff in a bid to cut costs.”
While no detail was given, according to Grubstreet’s Gill Moodie, BDFM staff were told about the looming retrenchments as early as last week.
According to Grubstreet, Business Day cut 32 jobs at the end of 2012 in anticipation of lower revenues from struggling publications.
At the time, the publisher said that, despite efforts to reduce expenses, it remained in a “very tight trading position and finds itself having to reduce expenses further” amid “imminent” losses of revenue following changes to the JSE regulations on the publishing of financial results.
This was done in a round of voluntary retrenchments across editorial, sales and marketing divisions, it was reported.
Times Media acquired BDFM from the UK’s Pearson Overseas Holdings in April 2013. BDFM publishes business titles including Business Day, Financial Mail and is the parent company of Summit TV.