New Delhi: Broadcasting group Network 18 said it was merging the operations of business news channels CNBC-TV18 and CNBC Awaaz to save on costs.
“This move will realize significant cost synergies between the operations, and about 12% permanent positions in the company would be rendered surplus,” the company told the Bombay Stock Exchange on Friday.
There are 1,100 employees in the two channels, according to a person familiar with the development, who declined to be named. That would put the number of job losses at 132.
The company didn’t say how many employees would lose their jobs. Founder and managing director Raghav Bahl said in a phone text message that the company didn’t have any information beyond what was available in the press release.
Those rendered jobless by the move, which will merge the logistics and back-end operations of the two channels, are being offered an average severance payment amounting to at least three months’ salary, the person cited above said. Some will move from direct employment to being freelancers, he said.
The firm will save around Rs65 crore a year on operational costs and interest, it said in the release.
Mint has a content-sharing agreement with CNBC-TV18.
— Ishita Russell
Shiv Sena activists attack TV channel office
New Delhi: A group of 20-25 Shiv Sena activists on Friday attacked journalists and damaged property at the Mumbai office of IBN7 and IBN Lokmat, the Hindi and Marathi news channels of the IBN Network for their reportage against the party. The attack comes a day after a wing of the Shiv Sena staged protests against UTV Bindass channel’s reality show Big Switch.
According to the activists, one of the tasks that the contestants were given on the show hurt the sentiments of a community, resulting in a public apology released by the channel.
State chief minister Ashok Chavan said strict action will be taken against those involved in the attack.
— Ishita Russell