NZME layoffs, cost-cutting won’t plug ad revenue hole

Tue, 14 Apr 2020

NZME has laid off 200 staff and asked the rest of its workforce to take a three-month pay cut as it looks for additional savings to plug the gap left by a slump in advertising revenue.The publisher of the New Zealand Herald newspaper and owner of The Radio Network expects this month's ad revenue to be half that of April 2019 as the national lockdown freezes discretionary spending. The media group said annual revenue will be significantly lower than the $371.1 million reported last year.The company said a raft of cost-cutting measures imposed to...

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