Without trying to sound too pessimistic, it wouldn’t be incorrect to say that the Indian media industry is reeling under the current economic slowdown. Nearly all media houses, big or small, have had to resort to various measures to cut costs. Yet another group tightening its belt is the Outlook Group.
An official source from Outlook Group told exchange4media, “Salaries
are being deducted, but only in the annual income bracket of Rs 12
lakh and that too by less than 10 percent.” It is understood that this
move came into effect from January 2009.
Living Media India, too, is taking measures to overcome the slowdown, but have not yet resorted to any pay cuts. Ashish Bagga, CEO, India Today Group, said, “We have temporarily ceased some line extensions and have also embarked upon a restructuring exercise for marketing and ad sales.”
Bagga admitted, “Some jobs became redundant as an outcome against measures taken to temporarily cease some line extensions.”
The last few weeks have brought only grim news for people in the media, with several media majors resorting to either pay cuts or lay-offs, or both. These included Daily News and Analysis (DNA) letting go of some of its editorial staff in Mumbai; Bennett, Coleman & Co Ltd, publishers of The Times of India and Economic Times, effecting pay cuts and more layoffs; NewsX, a company now promoted by NaiDunia-owner Vinay Chajjlani and former Businessworld Editor Jehangir Pocha, also had to bear the brunt and cut salaries; and NDTV deciding to scale down the operations of its NCR-centric English news channel MetroNation Delhi.