Prime Media cuts bonuses, freezes wages amid ‘rapid decline’ in value of company
Prime Media has scrapped long term incentive bonuses and frozen wages for senior executives amid a bleak trading environment and a “rapid decline” in its market capitalisation.
Short term entitlements have also been slashed as the regional broadcaster, which is the main affiliate of Seven Network, looks to cut costs after suffering a $93.5m loss in the 2016 financial year – as its market capitalisation hovers just over the $100m mark.
Details of the salary shake-up emerged as chief executive Ian Audsley described competition for viewers as the toughest in Prime’s history.
The Fat Cats are getting 30% of their basic as bonuses after halving the value of the company. That’s the fucking headline. Meanwhile, everyone else gets wages frozen or are sacked. Hello…? Reporter…? Are you in?