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.
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