{"id":48286,"date":"2013-10-24T16:44:55","date_gmt":"2013-10-24T14:44:55","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=48286"},"modified":"2013-10-25T09:04:59","modified_gmt":"2013-10-25T07:04:59","slug":"times-media-to-cut-up-to-25-jobs","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/48286\/times-media-to-cut-up-to-25-jobs\/","title":{"rendered":"Times Media to cut up to 25 jobs"},"content":{"rendered":"

Times Media Group<\/a>\u00a0is set to axe “north of 20” staff at\u00a0Business Day<\/a>\u00a0and\u00a0Financial Mail<\/a>\u00a0as part of a cost cutting program.<\/p>\n

BDFM\u00a0editor-in-chief, Peter Bruce<\/a> told BusinessTech that the media company had already accepted 11\u00a0voluntary severances, while an additional 14 jobs “could\u00a0disappear”\u00a0as part of a restructuring process.<\/p>\n

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”.<\/p>\n

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.<\/p>\n

“You have to keep right-sizing,” Bruce said.<\/p>\n

Bruce recently told Bloomberg that the group hoped to\u00a0cut costs by approximately\u00a015 million rand ($1.51 million) annually.<\/p>\n

The media group said BDFM Publishers would employ \u201ccloser to 100 than 150\u201d employees following the retrenchment process the cuts.<\/p>\n

\u201cThe unit has about 150 staff now,\u201d Bruce told Bloomberg. \u201cWe\u2019re near to the bottom of the cycle.\u201d<\/p>\n

In September, TMG reported that revenue from continuing operations for the year ended June 2013,\u00a0declined 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.<\/p>\n

It reported a diluted headline loss per ordinary share from continuing operations of 16 cents, compared to headline earnings of 5 cents.<\/p>\n

TMG said its media\u00a0division incurred retrenchment costs amounting to R8 million. \u201cThese staff cut-backs will, however, result in annual\u00a0savings of R18 million going forward. The majority of staff cut-backs were in the support services departments,\u201d it said.<\/p>\n

The group bought the 50% of BDFM it didn\u2019t already own from Financial Times owner, Pearson, in April.<\/p>\n

More news on Times Media<\/h3>\n

Business Day culling staff: report<\/strong><\/a><\/p>\n

Times Media results a mixed bag<\/strong><\/a><\/p>\n

Times Media finds buyer for Exclusive Books<\/strong><\/a><\/p>\n

BDFM planning more retrenchments: report<\/a><\/strong><\/p>\n

Times Media confirms BDFM takeover<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Times Media Group is set to axe 25 staff at Business Day and Financial Mail as part of a cost cutting program.<\/p>\n","protected":false},"author":10,"featured_media":35764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[4708,1850,4621,4619,26,5789,3741],"class_list":["post-48286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-bdfm","tag-bloomberg","tag-business-day","tag-financial-mail","tag-headline","tag-peter-bruce","tag-times-media-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=48286"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48286\/revisions"}],"predecessor-version":[{"id":48332,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48286\/revisions\/48332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/35764"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=48286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=48286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=48286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}