Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
marketing interactive

Media Prima offers to pay employees to leave

share on

Media firm Media Prima is making plans to cut its workforce by up to 10%, offering to pay its employees to exit the company as part of its staff cuts scheme.Known as the Mutual Separation Scheme (MSS), the company said this is “as part of the Group’s rationalisation and consolidation plan.”The MSS scheme is on a non-obligatory basis and is expected to be complete by 15 December 2014. According to reports on The Malay Mail Online, the group is targeting 10% of its workforce to accept the offer.Media Prima stated in a press statement that the exercise is part of its long term business strategy to consolidate.This comes following a drop in revenues for its latest financial results. For the first nine months of the financial year ending 31 December 2014, Group recorded lower revenue and Profit After Tax by 12% and 30% respectively.Tan Sri Johan Jaaffar, chairman of Media Prima also said that market uncertainties, weaker consumer sentiments and the tragic incidents involving flights MH370 and MH17 resulted in advertisers being more cautious over advertisement placed during this period.“Due to the challenging business and market conditions, Media Prima will focus on the execution of its key strategy on advertising growth in the remaining period of the financial year as advertising expenditure is expected to take up near the end of the year based on past trends. At the same time, the Group will continue to manage its costs by monitoring our key cost drivers, coupled with an implementation of Group wide cost saving initiatives,” said Sri Amrin group managing director of Media Prima.Media Prima Berhad (“Media Prima” or “the Group”), Malaysia’s leading fully integrated media investment group announced its financial results for the first nine months of the financial year ending 31 December 2014. The Group recorded Year to Date (YTD) September 2014 revenue of RM1.1 billion and Profit After Tax (PAT) of RM106.7 million with PAT margin of 9 percent. On a current year to date comparison, the Group recorded lower revenue and PAT against previous corresponding period by 12 percent and 30 percent respectively amidst a challenging market environment where advertisers are more cautious and holding back advertising spending. The higher revenue in corresponding period 2013 was attributed by the contribution from non-traditional advertisers. For Q3 2014, Media Prima recorded revenue of RM379.6 million and PAT of RM42.6 million.- See more at: http://www.mediaprima.com.my/pressrelease/press-release.aspx?id=247#sthash.aIAZ7eWv.dpufThe Group has equity interests in TV3, 8TV, ntv7 and TV9. In addition, the Group also owns more than 98% equity interest in The New Straits Times Press (Malaysia) Berhad (NSTP), Malaysia’s largest publisher with three national newspapers; New Straits Times, Berita Harian and Harian Metro.It also has strong online presence through its digital media subsidiary, Media Prima Digital, via the entertainment portal gua.com.my, women’s lifestyle portal seroja.com.my and tonton.com.my. Meanwhile, the Group also owns three radio stations, Fly Fm, Hot FM and one FM. 

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window