As Meta cuts Australian news funding, ACM forced to cut jobs ...
Your digital subscription includes access to content from all our websites in your region. Access unlimited content and the digital versions of our print editions - Today's Paper. Media company ACM says it remains committed to delivering independent quality journalism relevant to regional Australians as it announced a cost reduction program following Meta's withdrawal of support for Aussie news providers. Login or signup to continue reading.
Voluntary Redundancy Program
Employees were briefed on Wednesday on plans for a voluntary redundancy program for ACM's editorial teams. ACM managing director Tony Kendall stated, "Following these proposed changes ACM will still employ more than 340 journalists, making us still the largest employer of regional journalists outside of the ABC." Mr Kendall highlighted the necessity to lower staff costs in response to reduced revenue resulting from Meta's cancellation of news funding arrangements in Australia.
Impact of Funding Loss
Mr Kendall expressed regret over the need to reshape the company's portfolio due to the funding loss. He acknowledged the challenging economic conditions in the advertising market and the industry at large. The redundancy program is expected to affect about 35 roles and may include journalist, photographer, production, and designer positions.
Challenges Ahead
The loss of Meta funding and reduced revenue from display advertising, classifieds, and circulation have prompted ACM to take measures to align costs with revenue. Mr Kendall emphasized the importance of adapting to the evolving digital landscape and ensuring the sustainability of ACM's journalism through subscriptions. The company remains committed to providing relevant and independent quality journalism to the communities it serves.
Future Strategies
ACM's strategy focuses on growing the digital future for journalism while addressing the ongoing industry changes. The company aims to navigate these challenges by maintaining essential skills and capabilities required for its digital future. Consultation with affected employees and the voluntary redundancy program will be conducted over the coming weeks.
ACM's recent decisions, including ceasing the printing of several community newspapers and restructuring daily papers to digital coverage with a weekend print edition, demonstrate its commitment to adapting to the changing media landscape.
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