Barely six months after NewsX TV had its ownership changed from INX Media to Indi Media, a joint venture by Vinay Chajlani and Jehangir Pocha, the new management handed out the termination letters to over 70 employees on Saturday, as confirmed by the sources within the organisation.
The sacked employees include editorial and technical staff including several senior editors such as Political Editor, Deputy Editor and National Bureau Head. The exercise concerning retrenchment is said to be a part of resurrection and overhaul that NewsX management has decided in order to bring the channel on a right path.
With several changes at the top management in the recent past, NewsX has had its share of crisis and misfortunes. The channel that only six months ago, saw its ownership being changed when its original promoters Peter Mukerjea and Indrani Mukerjea hawked off NewsX to Indi Media, a newly joint venture led by Vinay Chajlani and Jehangir Pocha.
Less than four months ago, NewsX had effected salary reductions for the upper and middle section of employees all across the organisation.
Impact of the economic crunch has been prominent to most of the media organisations in the past. Pay cuts, job freezes, and closures are becoming the norm in the industry faced with the economic slowdown. Last few months has seen some media majors taking steps to counter the slowdown effects.
Among some of the stalwarts who had to bear the brunt of slowdown were: Daily News and Analysis (DNA) letting go off some of its editorial staff in Mumbai; Bennett, Coleman & Co Ltd, publishers of The Times of India and Economic Times, effecting pay cuts and layoffs; NDTV had also scaled down the operations of its NCR-centric English news channel MetroNation Delhi.
It may be noted that in April this year, Arup Ghosh, Head of News Room, NewsX had also quit.
As is known, Indi Media Company Pvt Ltd, a newly formed company by Vinay Chhajlani, CEO of NaiDunia and Founder of Webdunia, and Jehangir Pocha, former editor of Businessworld, had bought over the 100 per cent stake in INX Media. All previous owners, including Indrani Mukerjea and Peter Mukerjea, had exited the company following this move.
After several efforts to confirm the information on the Saturday layoff exercise, there were no official comments from the NewsX management.