SCA to raise $169m in equity funding, flags further cost reductions
Southern Cross Austereo (SCA) has begun raising $169m in fully underwritten funding in a bid to keep the media company afloat during the economic crisis caused by coronavirus (COVID-19).
In addition, it has flagged further cost cuts, with $20m to $22m to come out of marketing, programming and other costs, leading to reduced marketing and promotions, less spend on programming, and reduced travel, entertainment, conferences and equipment upgrades.
Adnews also reports –
“Southern Cross has already cut 7% of its headcount and has mandatory pay reductions of 10% for all directors, executives, and employees earning over $68,000 a year.
It also expects to be eligible for the JobKeeper subsidy for 1,600 of its full time employees”
Hi Greg,
Mumbrella also reported these pay cuts for SCA employees earning over $68,000. It happened last week. You can read more about it here:
https://mumbrella.com.au/sca-rolls-out-pay-cuts-and-enforced-leave-622533
Thanks,
Vivienne – Mumbrella
Yes sorry – I was referring to the Jobkeeper bit…