Nation Media Group (NMG) is continuing a widespread cost-cutting initiative, announcing undisclosed number of lay offs in a notice sent to employees.
The exercise, which begins immediately till early Feb will see substantial number of the job cuts largely in the print division of the business that produces newspapers & magazines. According to inside sources, NMG targets to lay off about 150 employees.
NMG has carried similar of such layoffs in the last three years that have saw its staff count drop by approximately 250 over the period. In 2016 alone, the company laid off more than 150 employees andshut down its three radio stations and Swahili TV station.
Like other mainstream media companies worldwide, NMG’s core newspaper business has been hammered by the proliferation of online publications, with its advertising revenues and circulations falling.
The group’s half year 2017 headline revenues declined by 6.40% as print advertising revenue recorded the biggest decline. Net earnings however was bolstered largely by savings as a result of the previous year’s restructuring exercise, sustained interest income and improved debt collection.