KUALA LUMPUR, 29 June 2020 – Media Prima Berhad (“Media Prima” or the “Group”) and representatives from its five (5) union groups have concluded discussions on the execution of the next phase of the Group’s business transformation plan that was announced on 4 June 2020.
The discussions aimed to ensure that the process is transparent and that all obligations to affected employees were given the utmost priority. All parties understood the need for the business transformation and agreed to the mechanism of fair and equitable compensation to affected employees as governed by the law, respective union collective agreements and employment contracts. The notice letters to approximately 300 affected employees were issued today with the last employment date on 31 July 2020.
Media Prima had earlier announced that it will undertake the next phase of its business transformation due to disruptive changes in the media sector and challenging macroeconomic conditions, exacerbated further by unknown variables surrounding the Covid-19 pandemic. These factors have compelled the Group to expedite the next phase of its transformation exercise which includes revising revenue models and corresponding cost management. It involves operational changes at selected units to address cost inefficiencies arising from work duplication. The business transformation is aimed to land the Group on a robust and sustainable business model for the medium and long-term.
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Media Prima Berhad at +603 1300 300 672 (ext. 8957), [email protected] or +603 2724 8957.