Hit by a slide in adspend and a 30% slump in first-half profits [WAMN: 12-Sep-01], Scottish Media Group has offered voluntary redundancy to all its 1,700 employees.
“We need to reduce our costs in response to a reduction in advertising levels,” said the group on Tuesday. “The first process is to ask for volunteers. We will decide what to do thereafter.”
SMG has not revealed how many staff it intends to axe or how much it wants to save. Employees have until the end of this week to decide whether to apply for the redundancy scheme.
SMG is part of the ITV network, holding the Scottish TV and Grampian licenses, and also owns Virgin Radio, the Pearl & Dean cinema advertising business, Scotland's Herald newspapers and a number of outdoor ad sites.
News source: Financial Times