Internal restructuring: NDTV is laying off 25% of its staff

Latest News

Media house NDTV today said it is considering reduction in the workforce by up to 25 per cent as part of internal restructuring exercise to focus on the core business.

"Given our reprioritisation, our workforce has to be altered too - over next month, we are considering reduction of workforce by up to 25 per cent. We thank these departing employees for their hard work and contribution," NDTV said in a regulatory filing.

NDTV said it had initiated a turnaround plan to bring down costs and improve profitability.

"A part of this plan was implemented in the last quarter and included our much-noted move to new technologies including mobile journalism," it added.

NDTV said the strategy it is adopting "calls for a leaner operation which will feed only our core business: our English and Hindi news channels and NDTV Convergence and its digital teams that run news and other app websites".

"This means minimising all ancillary businesses that NDTV has expanded into over the last few years," it added.

NDTV has also been exiting from non core business verticals. In September, its shareholders had approved sale of its automobile e-commerce firm Fifth Gear Ventures to Autobyte Pvt Ltd. It owned and operated automobile e-commerce portal carandbike.com.

In June, they had approved the sale of its Indian wear e-commerce firm NDTV Ethnic Retail Ltd to Nameh Hotels & Resorts Pvt Ltd.

For the quarter ended June 30, 2017, NDTV reported a net loss of Rs 22.01 crore as against net loss of Rs 44.55 crore in the year-ago period.

Shares of NDTV were trading 1.10 per cent higher at Rs 46 on BSE.

Prannoy Roy-owned New Delhi Television (NDTV) has given up control of its subsidiary Fifth Gear Ventures Limited (FGVL) by diluting its stake in the company. The NDTV Group (NDTV and its subsidiary NDTV Convergence) held 78.74 per cent stake in the subsidiary, the remaining being held by the Chennai-based Autobyte Private Limited (ABPL). The company notified the Bombay Stock Exchange (BSE) of the shareholders’ decision, in favour of the proposed stake dilution, on September 21.

Earlier this year, the group sold its entire stake in NDTV Ethnic Retail, the subsidiary that ran the e-commerce portal indiaroots.com (retailed in ethnic Indian wear). The group held stake in the venture through its subsidiaries NDTV Lifestyle Holdings Ltd, NDTV Convergence Ltd and NDTV Worldwide Ltd. Together, the three held 99.92 per cent stake in NDTV Ethnic Retail. The group sold its stake in the venture to Nameh Hotels and Resorts.

At the time, the NDTV Group had said that the decision to sell stake in ethnic e-tail was in line with its focus on developing its core b

Download Business Standard App

Hi, My name is dimple shah and this is the News article Blog