Off the back of recent losses at Foxtel, redundancies have kicked-off at the pay TV provider this week.
Yesterday Foxtel reported net income from its pay-TV service fell to $US16 million from $US42 million largely because of the loss associated with its decision to wind-up Presto. Ceasing Presto operations earlier last month resulted in equity losses of $15m in Q1.
Today, Foxtel CEO Peter Tonagh says Foxtel’s strategy is to focus its resources on acquiring the best content from Australia and around the world, “delivering an exceptional customer experience, and investing in great technology and products”.
He says to help achieve this strategy it has conducted a review of aspects of its business to ensure that Foxtel is as efficient and agile as possible.
“In particular we have looked to simplify structures, clarify reporting lines, remove areas of duplication and overlap, and cease activities that do not assist in advancing our strategy,” Tonagh said.
“As a result of this review, we have determined that a number of structural changes need to be made in the business and this has resulted in some employees being informed this week that their positions will be made redundant.”
He went on to say it is “always difficult when friends and colleagues leave a business in this way” , but Foxtel is talking to all affected employees and where there are redeployment possibilities, it will explore them, otherwise it will provide career transition advice and support.
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