Media Prima Bhd has confirmed possible staff retrenchments as it moved ahead with its next phase of its business transformation plan. This will include revenue model revisions and corresponding cost management.
“Disruptive changes in the media sector and challenging macroeconomic conditions, exacerbated further by unknown variables surrounding the Covid-19 pandemic, have compelled the Group to expedite the next phase of its transformation exercise,” the Group said in press statement released today.
The initiatives will further involve operational changes at selected units to address cost inefficiencies arising from unnecessary work duplication.
The transformation aims to land the Group on a robust and sustainable business models for the medium and long-term.
“The Group will ensure that affected employees will receive a fair and equitable compensation package governed by the law and respective unions’ collective agreements which will be paid upon the fulfillment of all legal requirements,” said Media Prima.
FMT had earlier reported that the Group is likely to carry out its second retrenchment exercise which could affect some 300 staff members.
The Group has had to let go over 500 staffs just three months ago in its first round of rationalisation exercise.