Magazine empire Bauer Media will make 70 staff redundant as a result of the coronavirus crisis.
Furthermore, it will stand down another 70 workers in addition to suspending some magazines.
Magazine empire suffering downturn in revenue
Bauer made the redundancy announcement today releasing a brief statement.
The move comes as a result of advertising revenue drying up amid the coronavirus pandemic.
The publisher didn’t say how many titles will cease printing, however, it confirmed they will continue to be published online.
The Bauer statement says:
“The decision to resume print publication will be made once the trading environment improves.”
The Australian reports that Bauer’s Australian boss Brendon Hill told a staff meeting this week:
“The COVID-19 crisis and strict measures being taken to control it are having a profound impact on the Australian economy and any business that operates in it.
“This has led to a sharp decrease in advertising revenues in Australia over the short-term and we have to reshape our organisation accordingly.”
Rumours company set to leave Australia
The Australian reports that the future of Bauer in Australia is “under a cloud”.
The group is planning to leave the Australian market, after buying James Packer’s ACP Magazines for $500 million in 2012.
Even so, Bauer is pressing ahead with its acquisition of Pacific Magazines for $40 million.
“WHEN A REDUNDANCY IS REALLY AN UNFAIR DISMISSAL”
Regional newspapers suspend printing
Meanwhile, dozens of regional newspapers have suspended printing and regional broadcasters are planning to drop bulletins in the wake of the coronavirus pandemic.
In response, the federal government announced a rescue package for the regional media industry .
Australian Community Media, which publishes 170 community titles, says it is suspending some of its non-daily newspapers as a result of the “devastating impact” of the pandemic but has not specified how many mastheads are affected.
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