Times Media to cut up to 25 jobs
Times Media Group is set to axe “north of 20” staff at Business Day and Financial Mail as part of a cost cutting program.
BDFM editor-in-chief, Peter Bruce told BusinessTech that the media company had already accepted 11 voluntary severances, while an additional 14 jobs “could disappear” as part of a restructuring process.
He said that there were vacancies in the newsroom which may absorb some of those 14 jobs, adding that retrenchments would total at least “north of 20”.
When asked if further retrenchments were on the way, Bruce said: “I am trying to make it so that it isn’t any more.” However, he pointed out the current ailing state of the publishing industry globally.
“You have to keep right-sizing,” Bruce said.
Bruce recently told Bloomberg that the group hoped to cut costs by approximately 15 million rand ($1.51 million) annually.
The media group said BDFM Publishers would employ “closer to 100 than 150” employees following the retrenchment process the cuts.
“The unit has about 150 staff now,” Bruce told Bloomberg. “We’re near to the bottom of the cycle.”
In September, TMG reported that revenue from continuing operations for the year ended June 2013, declined to R3.899 billion, from R3.949 billion before, while profit from operations slipped to R6 million, from R172 million. Profit from discontinued operations improved to R83 million.
It reported a diluted headline loss per ordinary share from continuing operations of 16 cents, compared to headline earnings of 5 cents.
TMG said its media division incurred retrenchment costs amounting to R8 million. “These staff cut-backs will, however, result in annual savings of R18 million going forward. The majority of staff cut-backs were in the support services departments,” it said.
The group bought the 50% of BDFM it didn’t already own from Financial Times owner, Pearson, in April.
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