The media giant Standard Group has announced the layoff of at least 300 employees, citing ongoing financial challenges and a decline in revenue. The layoffs, which affect various departments, are part of the company’s efforts to adapt to a rapidly changing media landscape.
In a statement , the company acknowledged that shifts in media consumption trends, driven by technological advancements and changing consumer preferences, have necessitated a reassessment of their business model.
“We are confident that this reorganization through restructuring will enable us to adopt a leaner, more efficient structure, positioning us for better performance and growth,” said the statement from Standard Group.
The affected employees will receive appropriate compensation, with the layoffs taking effect after a one-month notice period, starting July 31, 2024. This decision comes shortly after Standard Group employees staged a walkout, protesting the non-payment of salaries for seven months. The strike left the company’s radio and TV stations unattended.
