The board of Mid-Day Multimedia Limited will consider a proposal to form a strategic alliance with a television channel at its meeting scheduled to be held today. The company has also appointed PricewaterhouseCoopers (PwC) as consultants for business process re-engineering.
The director would evaluate and, if approved, ratify the strategic alliance proposal, the company informed the Bombay Stock Exchange yesterday. We will keep you updated on the latest development.
The company, which has a workforce of 580, is also said to have lost 47 employees following a mutual agreement with them.
According to the company sources the restructuring is an outcome of the current rough weather in the media sector owing to the sluggish phase in advertising expenditure.
The company has decided to move ahead in implementing its strategy of developing the ‘multi-media market delivery’ business model and create relationship in the market through media products.
These strategies involve running the current operation efficiently and to grow through new initiatives that the company is yet to announce.