OLD Media News

CNN Philippines to cut jobs due to pandemic

Nine Media Corporation, the company that owns CNN Philippines, has announced that it will start staff redundancies on March 16 due to the pandemic.

In a copy of the memorandum obtained by Rappler, the management said it was:

“a very difficult decision but one that needs to be done so we can continue to serve our audiences.”

“Companies are reducing costs to stay afloat. And for many, it means cutting back or reallocating their cost budgets – in particular, their advertising spend, which has a direct impact on our bottom line. As you know, as a media company, we grow our revenue through advertising.”

The network further said that while it was “adjusting and reducing” costs, it was not enough.

“But these measures were not enough. We need to further lower our costs by reducing the size of our team effective March 16, 2021,” the memo read.

The management further added:

“For those who are staying with the company, we will hold smaller meetings to explain how these structural changes will affect programming and workflow.”

CNN Philippines is just one of the many news organizations that had to layoff employees due to the pandemic.

Mariam Ahmed

Recent Posts

Dynamo hires former Business Insider executive editor Harrington

Former Business Insider executive editor Rebecca Harrington has been hired by Dynamo to be its…

5 hours ago

Bloomberg TV hires Kerubo as desk producer

Bloomberg Television has hired Brenda Kerubo as a desk producer in London. She will be covering Europe's…

5 hours ago

Jittery CNBC staff reassured by new boss

In a meeting at CNBC headquarters Thursday afternoon, incoming boss Mark Lazarus presented a bullish…

6 hours ago

Making business news accessible to a wider audience

Ritika Gupta, the BBC's North American business correspondent, was interviewed by Global Woman magazine about…

6 hours ago

Rest of World hires Lo as China reporter

Rest of World has hired Kinling Lo as a China reporter. Lo was previously a…

6 hours ago

Bloomberg rises to No. 7 biz news website

Bloomberg News saw strong unique visitor growth to its website in October, passing Fox Business…

7 hours ago