BDFM is looking to retrench more of its staff in a bid to cut costs, Business Day reported on Tuesday (17 September 2013).<\/p>\n
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.”<\/p>\n
While no detail was given, according to Grubstreet’s Gill Moodie, BDFM staff were told about the looming retrenchments as early as last week.<\/p>\n
According to Grubstreet, Business Day cut 32 jobs at the end of 2012 in anticipation of lower revenues from struggling publications.<\/p>\n
At the time, the publisher said that, despite efforts to reduce expenses, it remained in a \u201cvery tight trading position and finds itself having to reduce expenses further\u201d amid \u201cimminent\u201d losses of revenue following changes to the JSE regulations on the publishing of financial results.<\/p>\n
This was done in a round of voluntary retrenchments across editorial, sales and marketing divisions, it was reported.<\/p>\n
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.<\/p>\n
Times Media buys into African radio and TV<\/a><\/strong><\/p>\n Times Media sells I-Net Bridge<\/a><\/strong><\/p>\n Times Media confirms BDFM takeover<\/a><\/strong><\/p>\n Quality publishers will win out in the end<\/a><\/strong><\/p>\n