KUALA LUMPUR: Giant media company Media Prima Berhad (Media Prima) has announced a business transformation and internal restructuring exercise which is expected to be completed in the first quarter of 2020.
Media Prima, however, has given its assurance that all employees affected by the transformation effort would receive a fair and equitable compensation package.
“All affected employees will receive a fair and equitable compensation package as prescribed by the law and their respective unions and will be paid in full after they meet all legal requirements,” it said in a statement.
The restructuring exercise is to enable the group to become more competitive and sustainable in the future, given the uncertain macroeconomic environment and disruption of the global media landscape.
Media Prima owns 100% equity in TV3, NTV7, 8TV and TV9.
The group also owns the New Straits Times Press (Malaysia) Berhad, the largest publisher of three national newspapers, namely the New Straits Times, Berita Harian and Harian Metro.
According to the statement, Media Prima would provide support services to affected employees including outplacement services and career counselling.
Rumours on an alleged retrenchment exercise by the company have been circulating on social media sites since this morning.
Meanwhile, the New Straits Times Press (NSTP) branch of the National Union of Journalists (NUJ), in a separate statement, explained that termination of employment would involve LIFO (Last In First Out) and also based on several factors, including health and discipline.
“The number that will be involved in the retrenchment exercise will be discussed with the management and the list will be released by the end of December.
“It will involve every department, including staff as well as management personnel. There will be units to be reduced to a smaller size as well as those that will be closed,” the statement said.
According to the union, a townhall session with management will be held on Nov 15. — Bernama