Restructuring: CBS Group Sacks 145, Scraps ‘TVC News Africa’ as Station Goes off Air 12mid-night Today
Today, about 145 personnel of Continental Broadcasting Service (CBS) Ltd. the holding company for TVC Entertainment, TVC News Nigeria, TVC News Africa and Radio Continental 102.3 FM, Lagos, were relieved of their jobs with the famous broadcast group of stations.
The sack saga which has been threatening for a while reached a head today, 2nd June, 2017 as the new CEO, an Irishman, Mr. Andrew Hanlon, announced that the purge was occasioned by the inevitable restructuring exercise by the company.
According to Brandcrunch findings, 200 staffers were initially penciled down for the sack but some good heads prevailed to prune down the number to around 150 workers.
“It had been a rigorous and tough decision to take”, said the new CEO, adding that all the management staff was fully involved in the exercise. He noted, “the restructuring is inevitable because the company had been paying out four times its earning as salaries, a situation that is risky for any business”.
The massive restructuring exercise being implemented by Hanlon who resumed office March 1st, 2017, will also affect the station’s high profile but unprofitable TVC News Africa, which is slated to go off air by 12 midnight today!
This re-alignment will leave the Senator Bola Tinubu owned broadcast empire with three broadcasting stations; Radio Continental 102.3 FM, TVC Entertainment and TVC News Nigeria.
According to the group, effective from next quarter, TVC Entertainment will focus on entertainment and related programmes, TVC News Nigeria will focus on News related programmes and reach out to international audience while Radio Continental will be re-branded.
Also rationalising the management decision, the Commercial Director, Mr. Redmond Ronan, explained that if this is not done now, “it will ultimately affect the entire staff of about 500, sooner or later when the entire outfit may be forced to close shop”.
Explaining the rationale for the sack, the Commercial Director said, “It was a transparent exercise in which the line managers were asked to list those that should be relieved or retained in their departments, based on five criteria to rate their subordinates on a point of 20 attached to each criterion. After this, the lists from each department were brought to the management staff for assessment, criticism before final approval”.
A town hall meeting with the remaining staff is scheduled for Monday 5th June. Its purpose is to brief the staff of the plans of the group and intimate them on the way forward including the new salary packages for the staff.
According to the management, all staff laid off in the exercise will be given good severance packages which will be paid immediately into their bank accounts once they are through with clearance exercise.