KUALA LUMPUR, 1 November 2019 – Media Prima Berhad (“Media Prima” or the “Group”), announced today that it will embark on the next phase of its business transformation exercise. This includes changing its business model and restructuring internally to enable the Group to be future proofed and sustainable given the uncertain macroeconomic conditions and disruptive changes in the global and local media sector.
The Group will ensure that all affected employees will receive a fair and equitable compensation package governed by the law and respective union requirements which will be paid in full upon the fulfilment of all legal requirements. The Group will also provide support to staff which includes job outplacement services and career counseling.
The restructuring exercise is expected to be completed by Quarter 1, 2020.
The global media landscape continues to change at a rapid pace and scale, requiring media companies to review and disrupt its own business model to remain sustainable and successful.
Moving forward, the Group — being the home to some of Malaysia’s highly followed and most valued media brands and content — will continue to focus on bringing value to its employees, customers, shareholders and stakeholders at large.
END OF PRESS RELEASE