Naspers has offered some editorial staff in its print media business Media24 voluntary severance packages as its performance deteriorates further.
According to an internal e-mail sent to staff on Monday the chief executive of FinMedia24, Timothy Spira, told staff the company's performance had necessitated that it reviewed its cost structures to ensure that "we are able to navigate the difficult months ahead and emerge from the current downturn a leaner and more streamlined organisation".
Retrenchments loom at Naspers
Media24 cuts staff again in 'tough times'
By Thabiso Mochiko
The affected employees include senior staff in all the Afrikaans newspapers (Rapport, Beeld, Volksblad and Die Burger), senior editorial employees from City Press, editorial staff within FinMedia24 (FinWeek and Fin24.com), and all McGregor BFA's workforce. McGregor BFA provides stock market and research data.
Last year Naspers was reported to have retrenched 20 percent of its Media24 workforce. At the end of March last year Media24, including newspapers, magazines and printing business, had 5 391 employees, down from 6 825 in 2008.
In the six months to September, Media24's earning before interest, tax and amortisation fell 22 percent to R252 million.
"The media industry is going through tough times and its important we assess costs structures and one of those costs is from staff. But the print division is not the only one we are looking at. We will also look at the print and distribution costs", Spira said.