Live COVID-19 updates: NZME to cut 200 jobs
Media company NZME says it is cutting 200 jobs - about 15 per cent of its total workforce.
The company which owns the New Zealand Herald and Newstalk ZB as well as regional papers, websites and other radio stations made the announcement a few minutes ago in a release to the New Zealand Stock Exchange.
It says that it expects April 2020 advertising revenues to be about 50 per cent lower than April 2019, due to the COVID-19 lockdown.
All remaining employees are being asked to accept a pay cut for 12 weeks.
NZME has also temporarily suspended some products, including newspaper-inserted magazines covering real estate, motoring and travel, and reduced its sports coverage and the publication of community newspapers.
Directors' fees and the salary of the chief executive have been reduced by 20 per cent.
• If you have symptoms of the coronavirus, call the NZ Covid-19 Healthline on 0800 358 5453 (+64 9 358 5453 for international SIMs) or call your GP - don't show up at a medical centre
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