According to press reports this morning SMG has offered all of its employees voluntary redundancy as part of a cost-cutting exercise following a drop in profits for the first half of this year of over 30% .
In order to avoid forced redundancies, SMG has given its employees until the end of this week to to make a decision and will then consider the situation before deciding how many to accept.
The drop in profits resulted from the cost of growing its investment in Scottish Radio Holdings , the increased cost of ITV licenses and the deteriorating ad market. 40 jobs were cut last year at SMG’s operations and speculation this morning suggests that hundreds may go in this latest round of cuts.
Subscribers to MediaTel Insight can access more national and international media analysis, forecasts and news. For subscription details please visit the site.
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
