Fin24 reports that Independent Newspapers, the publisher of titles such as The Cape Times, The Star, Isolezwe and The Mercury, has announced it is now looking to cut "at least" 40% of its staff in a bid to save costs.
CEO Takudzwa Hové indicated in a statement: "We have tried to stave off retrenchments for as long as we could, by drastically reducing operational costs and implementing various efficiencies throughout the organisation. Sadly, this has not been sufficient, and we are now faced with the harsh reality of job reductions." Without providing further details, he said the proposed cutbacks would lead to a "revamped organisation" with a "leaner team". In April, the group announced that six titles would be merged into three publications to cut costs. A few weeks later, it started offering voluntary severance packages to staff, but few journalists accepted. In June, the group announced layoffs in its editorial division, but retrenchments are now being considered in all of its divisions. Titles in the Independent Newspapers stable have been trying to cut costs for months to compensate for falling advertising and dwindling circulation figures.
- Read the full original of the report in the above regard by Jan Cronje at Fin24
- Read too, Independent Media to cut at least 40% of jobs, at BusinessLive
Get other news reports at the SA Labour News home page