Nova Entertainment has cut around 70 roles within the radio business due to an increasingly poor advertising market.
As first reported on Radio Today, Nova staff were informed of an internal review on Tuesday via a virtual meeting, with around 70 employees to go amid a cost-cutting operation.
Nova chief executive Cathy O’Connor (pictured) said the business has experienced a 25 per cent revenue slump this year.
“The media industry has been particularly hard hit and we expect the downturn to continue for the next 12 to 18 months,” she said.
“As a result, we have reviewed every aspect of our business to reduce costs and increase efficiency while continuing to deliver for our clients and audiences.”
“We will reduce costs by nine per cent with all areas of the business being impacted. As a result, some staff will, unfortunately, be made redundant.
“These decisions will protect our core business and ensure that our company remains strong and successful and is positioned for growth as the economy recovers.
Nova will attempt to place the affected employees in other roles within the group.
Like other media outlets, radio has taken a major hit amid the pandemic, with ad revenue dropping 20 per cent in FY19/20.
