Nine to slash up to 200 jobs amid economic downturn
By Pragadish Kirubakaran in Media News on Friday, 28th June 2024 at 3:32pmNine has announced plans to cut up to 200 roles due to a weak advertising market and the expiration of a revenue deal with Meta, B&T reported.
Last financial year, Nine improved operational efficiency, but recent market events have prompted a review of key business areas for potential savings. Measures announced today will affect the Publishing division, resulting in job losses.
CEO Mike Sneesby informed staff that although Nine is in a stronger position than its rivals, the economic challenges and lost revenue necessitate significant cost savings.
“Nine is not immune to the economic headwinds impacting many businesses globally. To continue investing in digital growth, we must manage costs responsibly through the cycle,” Sneesby said.
The planned cuts represent 4 per ce...
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