MediaWorks confirms that several positions will be eliminated and that dozens of employees will be affected

A MediaWorks spokesperson told the newspaper Herald the changes come as the company tries to ‘evolve and adapt’ with the market.

“As part of this process, we are reviewing the structure of some of our functions to ensure we are in the best shape to meet customer needs now and in the future,” the spokesperson said.

“The proposals include changes to reporting lines, eliminating some roles and creating new roles. If the positions are confirmed to no longer exist, we will also explore redeployment options in other areas of the business.

“These discussions are confidential and we do not intend to comment publicly as we work through the proposals together.”

It is understood that the reason for the cuts is also that MediaWorks is posting a statutory loss for the second year in a row and that advertising spend in the market will remain low going forward.

Last year, the grim future of MediaWorks station Today FM was revealed live on air by presenters Tova O’Brien and Duncan Garner.

Staff were given less than a full day to comment on the station’s future, but a company-wide email from MediaWorks CEO Wendy Palmer later in the day said the board would close the station as of today.

“This unfortunately means that a number of our friends and colleagues will be leaving the company in the coming weeks,” she said at the time.

Earlier this year, MediaWorks posted a net after-tax loss of $107.1 million after an $86.5 million impairment charge. The company emphasized that the “turnaround” is on track, despite a challenging economy and media market.

For the second consecutive year, the auditors said there are “material uncertainties” that raise “significant doubt” about MediaWorks’ ability to operate as a going concern, but the company says this was before the refinancing was completed and is confident that it has the capital to achieve its financial results. the company’s strategy.

Total revenue was $204.1 million, down 5% from the previous year, but the company also cut costs, with operating expenses down $11 million from 2022.

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Katie Harris is an Auckland-based journalist covering social issues including sexual violence, workplace misconduct, media, crime and justice. She joined the Herald in 2020.