Times Media Group to Cut Workers at BDFM Unit in Cost Reduction

Times Media Group Ltd. (TMG), a South African publisher, will cut staff on Business Day and Financial Mail as it seeks to reduce costs by about 15 million rand ($1.51 million) a year, according to Editor-in-Chief Peter Bruce.

BDFM Publishers Ltd. will employ “closer to 100 than 150” employees after the cuts, Bruce said in a mobile phone interview today. The unit has about 150 staff now, he said. “We’re near to the bottom of the cycle.”

Times Media has appointed a committee of managers to present proposals on where it can reduce staff by the end of the week, according to an internal e-mail sent to employees.

The company has been selling assets and is focusing on its television business while seeking growth opportunities in Southern and west Africa. The Johannesburg-based publisher bought the 50 percent of BDFM it didn’t already own from Financial Times-owner Pearson Plc (PSON) in April.

To contact the reporter on this story: Chris Spillane in Johannesburg at cspillane3@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.