PETALING JAYA | Media Prima Bhd has reassured all employees affected by its restructuring process that they will receive a fair and equitable compensation package.
In a statement, the group said the compensation package will be according to the law and union requirements. It will be paid in full upon the fulfilment of all legal requirements.
“We will also provide support to staff, which includes job outplacement services and career counselling,” it said, without stating how many of its staff will be affected.
It was reported earlier today that Media Prima is considering another round of job cuts in view of the harsh landscape of the media industry. This is the second round of staff rationalisation in the group.
Media Prima shares fell to RM0.35 per unit at market close today. This marks its lowest share price since June this year.
In the statement, Media Prima said it is commencing on the next phase of its business transformation exercise.
“This includes changing its business model and restructuring internally to enable the group to be future-proofed and sustainable,” it said.
The group expects this restructuring exercise to be completed by the first quarter of 2020.
Media Prima is home to New Straits Times, Berita Harian and Harian Metro, alongside television channels TV3, ntv7, 8TV, and TV9.
Meanwhile, Bernama reported that the New Straits Times Press (NSTP) branch of the National Union of Journalists (NUJ), in a separate statement, explained that termination of employment would be based on LIFO (last in, first out) and will also be based on several factors, including health and discipline.
“The number involved in the retrenchment exercise will be discussed with the management and the list will be released by the end of December.
“It will involve every department, including staff as well as management personnel. Some units will be reduced in size and some will be closed,” the statement said.
According to the union, a town hall session with the management will be held on Nov 15.
Earlier last month, Utusan Malaysia and Kosmo! announced their final appearance at news stands nationwide after publisher Utusan Melayu Bhd went into liquidation.
It was reported that the company would need RM400 million to settle its debts and liabilities, and to pay compensation and outstanding salaries owed to more than 1,500 former employees.