NDTV, one of India's leading news company, has decided to fire almost 25% of its workforce as part of cost-cutting measures and to focus only on core business.
New Delhi Television Ltd has decided to fire as much as 25% of its workforce in the next one month as part of a wider internal turnaround exercise to focus on its core English and Hindi news and digital content business, while minimising the ancillary businesses that it has grown over the last few years, the company said on Tuesday. NDTV Ltd’s shares surged as much as 5% to a day’s high of Rs 47.75 on BSE intraday before paring gains, and were trading up 1% at Rs 45.95. Meanwhile, benchmark BSE Sensex index was up 0.5%.
The company has said that it wants to move to new technologies including to mobile journalism and that its reporters across the country are now using mobile phones for the fastest and most efficient delivery of breaking news. “The strategy we are adopting calls for a far leaner operation which will feed only our core business: our English and Hindi news channels, and NDTV Convergence and its digital teams that run our news and other apps and websites,” the company said in a filing to the stock exchanges.
“This means minimizing all ancillary businesses that NDTV had expanded into over the last few years. Given our repriortization, our workforce has to be altered too — over the next one month, we are considering reduction of workforce up to 25%. We thank these departing employees for their contribution and hardwork,” it said.
Earlier in July, it was reported that the company had fired over 100 camerapersons and technical staff as it had planned to move to mobile journalism. In last over three months, NDTV has gained 28% from Rs 35.45 to Rs 45.95.