Five hundred and ten Media24 workers are likely to lose their jobs as the company considers downsizing, due to the impact of the COVID-19 pandemic.
In a statement, Media24 says it is considering closing five magazines and two newspapers. It is also contemplating outsourcing and reducing the frequency of its remaining monthly magazines due to a drastic drop in sales since the start of the lockdown.
The media group also intends to move two newspapers to the digital platform.
The company’s CEO Ishmet Davidson says they will start consultations with staff on Tuesday.
“Quite frankly, the action that we [are] taking, as drastic as it is, there is a possibility of 510 people losing their jobs. But if we don’t take this drastic action the chances are we may not have a business left. So this is all about ensuring the sustainability of Media24 and also ensuring that we deliver high quality, independent journalism,” adds Davidson.
Below is the Media24 press statement:
SABC announces possible retrenchments
The news comes as various companies cut jobs and in other cases salaries amid a financial strain compounded by the pandemic.
Last week, the South African Broadcasting Corporation (SABC) announced possible staff retrenchments.
At a meeting with management, organised labour and representatives of non-unionised employees were given a notice of the retrenchment process under Section 189(3) of the Labour Relations Act..
The SABC says cutting down staff members will help the public broadcaster stay afloat.
Approximately permanent 600 employees will be affected, including senior management.
In the video below, BEMAWU reacts to possible SABC job cuts: