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.
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