Media Prima lays off 300 people; begins transformational exercise.

Pandemic and digital disruptions have accelerated this move.


Alfred Lee

30 Jun, 2020

Media Prima lays off 300 people; begins transformational exercise. | BEAMSTART News

- From our Sponsors -

The effects of the pandemic continue to excaberate businesses across the world.

In a recent statement, one of Malaysia's largest media and entertainment companies, Media Prima, is set to lay off up to 300 employees.

Employees affected have received notice of termination, and will serve up till 31st July 2020.

Companies under Media Prima group.

This move comes as the company faces revenue declines due to the pandemic, with the addition of macroeconomic challenges the media sector is facing due to digital disruption.

While the group posted a revenue of RM238.4 million for Q1 2020 as a whole (Q1 2019 was RM239.1 million), analysts are expecting its Q2 2020 revenues to fall sharply due to the pandemic.

Traditional revenues also fell by 7% as compared to the same period last year, signalling more cautious spending by advertisers.

Media Prima Headquarters.

Moving forward, the company will expedite its next phase of transformation exercises to remain sustainable for the long term.

"All parties understood the need for the business transformation and agreed to the mechanism of fair and equitable compensation to affected employees as governed by the law, respective union collective agreements and employment contracts," the group explained. 

- From our Sponsors -

Latest Jobs

Customer Success Manager

Akiflow

Padua, Italy, United States

Full Time

USD 500 — USD 1500 yearly

Entrepreneur in Residence - Singapore

Strive Math

Singapore, Singapore, United States

Internship

USD 800 — USD 1499 yearly

Head of Lending Operations

Prospa

Lagos, Nigeria, United States

Full Time

Salary Undisclosed

Software Engineer - Communications Suite

arketa

Los Angeles, CA, United States

Full Time

USD 140000 — USD 180000 yearly

Sr. DSP Engineer (Radar)

Array Labs

Palo Alto, United States

Full Time

USD 123 — USD 215 yearly

Account Executive

Boostly

Orem, UT, United States

Full Time

USD 125000 yearly

Engineering Manager

Momence

San Francisco, United States

Full Time

USD 180000 — USD 280000 yearly

Customer Success Manager

MixRank

San Francisco, United States

Full Time

Salary Undisclosed

iOS Engineer

Substack

San Francisco, United States

Full Time

Salary Undisclosed

Product Marketing Manager

Taplytics

Toronto, Canada, United States

Full Time

Salary Undisclosed

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).