Mass redundancies as network axes 90 radio jobs
Radio network Southern Cross Austereo will axe up to 90 positions as the company feels the impact of declining revenue.
The parent company of 2Day FM Sydney, Fox FM Melbourne and Triple M confirmed meetings were being held with staff members from today with redundancies offered across several departments nationally.
It is unclear whether the move will affect on air talent, nor would SCA comment on specific numbers.
"The entire advertising and media sector is operating in a challenging and difficult market and Southern Cross Austereo has and is being equally affected," SCA said in a statement. "Management, with the support of the board, have conducted a comprehensive review of our workforce structure to provide an effective and efficient organisation for now and into the future.
"These proposed changes will impact some of our people. These decisions have not been taken lightly and we are committed to supporting our people as we work through this process."
Advertising revenue for metro commercial radio stations nationally declined 10.2 per cent in the 2019 September quarter.
In the same period last year, the radio network's generated $202.1 million, compared to $181.432 million this year.
Earlier this year, SCA reported a net annual loss of $91.3 million for the 2018/19 financial year despite an increase of 0.5 per cent in overall group revenue.