Pay TV operator Foxtel has made 200 employees redundant with 140 staff members set to be stood down until the end of June as the coronavirus crisis continues to wreak havoc on the industry.
Foxtel chief executive Patrick Delaney revealed the job cuts in an email to staff late on Wednesday, As reported on the SMH.
Foxtel has been struggling for several months as it goes head-to-head with streaming services like Stan, Netflix and Disney+, however, it was often-times saved by its sport codes rights.
Now, with live sport being cancelled amid the COVID-19 pandemic, countless consumers have threatened to cancel their subscriptions due to the lack of sport on offer.
Despite the fact the company has been offering major discounts to customers, it’s clear it does not enough save the pay TV operator during the crisis.
Delaney said in the email: “We need to be prepared for a scenario in sport where season starts are delayed further.
“It is clear all codes are struggling with significant financial challenges and we should anticipate that the future shape of sport in Australia will be very different.”
He also wrote: “Australia has experienced tough times before.
“We know that in tough times Foxtel becomes a great source of comfort to people at home who want to be informed and entertained. Right now, with Australians isolating themselves at home, our customers need us more than ever.
Delaney said the government COVID-19 restrictions are, however, “seeing major challenges” for Foxtel, including the broadcast and streaming of live sport.
“And looking ahead, the economic outlook for Australia is deteriorating and our continued transformation will become even more important,” he added.
Foxtel staff are ineligible for the JobKeeper subsidy, however, Delany said some may be eligible for payments under the JobSeeker scheme.
Staff who have been made redundant will receive all entitlements, while staff who will continue to work will have their hours reduced.
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