Nova Entertainment expects advertising revenue to be tight for the next 18 months, so has reluctantly moved to initiate some redundancies.
Nova CEO Cathy O’Connor has told radioinfo that, like most other companies, Nova Entertainment has been impacted by the COVID-19 crisis “with an estimated fall in revenue of over 25 per cent this year.”
She says the media industry “has been particularly hard hit and we expect the downturn to continue for the next twelve to eighteen months.”
As a result, we have reviewed every aspect of our business to reduce costs and increase efficiency while continuing to deliver for our clients and audiences.
Today we advised our team of the results of the review.
We will reduce costs by nine per cent with all areas of the business being impacted. As a result, some staff will unfortunately be made redundant.
We will try to place as many of those affected in other roles within the Group, but those leaving will be paid above their entitlements and given further support, including training courses to reskill or upskill, and assistance to find new external positions.
These decisions will protect our core business and ensure that our company remains strong and successful and is positioned for growth as the economy recovers.
Consultations with affected staff, believed to number up to 70 people, are expected to take place over the next five weeks.
Today Channel Ten has also announced cuts to on air talent, including Studio 10 presenters Kerri-Anne Kennerley, Natarsha Belling, weatherman Tim Bailey and about 15 other staff, due to declining revenues affected by the Covid pandemic.