Staff at Nine have been advised of up to 200 jobs to be made redundant from Nine.
First redundancies in Publishing will be announced as soon as today, with other divisions expected to follow.
CEO Mike Sneesby has issued an all-staff notice.
Hi everyone,
I would like to update you on measures we are taking to ensure Nine is well-placed
to manage through the current cyclical challenges facing media companies while
continuing to invest in the digital opportunities that are driving growth across our
business.
In recent years we have made great progress in transforming our business to meet the needs of our audiences as technology continues to change the way people
consume media. As a result, Nine generates a higher proportion of revenue from
digital and subscription sources than any other Australian media company and we
have a balance sheet that reflects that success. I want to thank you all for your
creativity and hard work which has made this happen.
However, Nine is not immune to the economic headwinds which are impacting many
businesses globally. In order for us to be able to keep investing in digital growth
opportunities across Nine, we must continue to responsibly manage costs through
the cycle. Last financial year we were able to improve the efficiency of our operations
but in light of recent market events we are reviewing key parts of our business to
identify further potential savings.
Today we will announce measures in our Publishing business to offset the loss of
revenue from the Meta deal and challenges in the advertising market. Unfortunately,
this will result in some of our colleagues leaving us in the coming months. It is not
something we want to do but it is something we need to do to continue to build on a
successful platform of high-quality journalism and digital journalism and digital subscription growth.
We are also in the process of identifying further savings including in our Digital and
Broadcast businesses. An operational review of these businesses is underway and
we will update you with further details about what this means for you and your teams
in the coming weeks.
From our nationwide team of almost 5000 people, around 200 jobs are expected to
be affected across Nine including some vacant and casual roles not being filled.
Where possible, we will look for opportunities to redeploy our team members who are impacted and we will support them throughout the process. These are tough decisions and I acknowledge it will be an uncertain period for some of you.
It’s important to reiterate that Nine remains in a strong position. All of our business
units are either completely digital or have rapidly growing digital revenues – and each
one maintains a leading position in their respective markets.
All of Australia will turn to our platforms (TV, Stan, Publishing, Digital and Radio) in
July for the Paris Olympics. The games will be a showcase of what a truly integrated
media company can deliver to every Australian and our advertising partners.
In order to continue our transformation and Nine’s leadership for decades to come
we need to keep investing in our strategic priorities starting with the content,
products and technology necessary to serve our audiences.
This post updates.