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Monday, June 29, 2020

Media Prima to lay off 300 staff


The next phase of Media Prima Bhd's restructuring exercise will see another 300 employees being let go on July 31.
The media conglomerate in a statement said retrenchment notices were issued today to the affected staff, as part of cost-cutting measures to address inefficiencies due to duplication of duties among workers.
"These initiatives involve changes in operations at selected units to address cost inefficiencies that arise from duplication of duties.
"This business transformation is aimed at turning the group into a solid and sustainable business model in the mid-term and long-term," it said.
Media Prima also said the group and representatives of its five union groups had concluded discussions on the execution of the next phase of its transformation plan, first announced on June 4.
"The discussions aimed to ensure that the process is transparent and that all obligations to affected employees were given the utmost priority.
"All parties understood the need for the business transformation and agreed to the mechanism of fair and equitable compensation to affected employees as governed by the law, respective union collective agreements, and employment contracts," said the statement.
Media Prima had earlier announced that it will undertake the next phase of its business transformation due to disruptive changes in the media sector and challenging macroeconomic conditions, which were exacerbated by unknown variables surrounding the Covid-19 pandemic.
These factors have compelled the group to expedite the next phase of its transformation exercise, which includes revising revenue models and corresponding cost management.
Media Prima operates four free-to-air television stations (TV3, ntv7, 8TV and TV9), several newspapers, four radio stations, a large stable of websites and several billboard advertising companies, among others. - Mkini

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