Nine’s $100m haircut: Union braces for job cuts
Media union the MEAA has reacted to Nine’s announced plans to make $100m in savings over the next two years, warning that large scale job cuts would be counterproductive.
After reporting flat revenue and a first-half profit drop of 29% on Tuesday morning, Nine’s acting CEO Matt Stanton said the company plans to cut $100 million in costs over two years, promising a “sharper focus on commercialisation” across the business.
In addition, Stanton flagged Nine’s projected $50 million in savings for the current financial year are on track to surpass expectations – with the revised savings forecast for FY25 between $60 and $70 million.
In the face of yet more redundancies I don’t see how I can justify a subscription to the Sydney Morning Herald any longer.
Commercialisation of content seems to trump real journalism, and shareholder dividends appear to be more important than those who rely on Nine to pay their bills.
Mainstream media is dying