business

MediaWorks announces 90 staff to lose jobs in cost cutting move

Cam Wallace says the company needs to cut costs, especially the wage bill.
Photos: supplied

Media company MediaWorks intends to lay off up to 90 staff members in an effort to cut costs.

MediaWorks is a New Zealand-based company specializing in radio, outdoor advertising and interactive media. It operates More FM, the Edge, the Breeze, Mai FM and the Rock among other prominent radio stations.

In an email sent to staff this morning, chief executive Cam Wallace said two-thirds of the company’s costs were labor related.

He said the impact of inflationary pressures and a likely recession this year have meant costs must be reduced.

The jobs to be axed include roles that are currently vacant.

In a statement to RNZ, a spokesperson said MediaWorks staff had been given “an update on a period of business change we are about to embark on”.

“We have unfortunately had to make the difficult decision to review our operating model and reduce our workforce by up to 90 roles [this includes a significant number of vacant roles].”

The company would start consulting with staff soon and wanted to ensure it supported people while it worked through the process.

MediaWorks is jointly owned by US company Oaktree Capital Management and advertising company QMS which operates outdoor advertising sites in both New Zealand and Australia.

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