Southern Cross Austereo (SCA) is set to stand down several of its employees this week as the economic impact of the coronavirus continues to hit hard.
As first reported on Radio Today, SCA CEO Grant Blackley sent an email to all employees on Tuesday, outline measures that will ensure the business will continue amid the pandemic. Some of those measures included standing down “full” and “partial” non-essential workers.
It is unknown just how many people will be stood down.
In the email, Blackley said: “Unfortunately, there are a small number of employees for whom there is no available work at all,” with some employees to be “fully stood down”.
According to RadioToday, the measures will impact all units, including sales and content.
Blackley confirmed SCA has applied the Government’s JobKeeper subsidy.
It follows a tumultuous time for SCA, which entered a trading halt Monday 24 March this year after its shares dropped 33.9 per cent to 16 cents. SCA’s shares had previously sunk to more than 29 per cent.
In a statement to the ASX, the media company said: “SCA advises that the trading halt is necessary to enable SCA to assess the impacts of the COVID-19 crisis on its business and to make an announcement to inform the market about those impacts and the actions being taken by SCA to address them.
SCA’s net debt, which was reported in February, was $330.5 million. Its market capitalisation was $188.4 million.
In its half year results the company revealed an 8.2 per cent drop in revenue to $308.11 million.
Please login with linkedin to commentSCA
Wild Turkey and Creative Director Matthew McConaughey, in partnership with Eleven, unveil a new Wild Turkey With Thanks initiative. The integrated campaign is shining a light on Australian Local Legends who have stood with conviction supporting their environment and communities throughout the crises of 2020. Wild Turkey’s With Thanks is a global, annual platform, wherein […]
AIA Australia has announced that it is now the official life, health and wellbeing partner to the AFL’s St Kilda Football Club. According to the company, the new partnership will provide club members with learnings, tools, and strategies that they can use to lead healthier lifestyles. Members will at the same time receive access to […]
Small to medium sized businesses will now be able to advertise on TikTok through SaaS solutions provider AppsVillage (ASX:APV). APV will allow SMBs to create and manage campaigns on TikTok in under three minutes using its AI software and advertising management platform JARVIS. The partnership makes the most of TikTok’s self-service advertising offering which launched […]
To keep pace with their transformative technology, Advanced Navigation turned to DOUBLESTAR CO for art direction, 3D modelling and design help that would capture the value proposition and offering of Advanced Navigation: AIR, LAND, SEA & SUB-SEA for their upcoming campaign “Accurate positioning in the most demanding conditions”. Advanced Navigation’s Head of Marketing Romain Pare […]
Junkee Studio, oOh!media’s creative and social agency division, is capitalising on another successful year by announcing the promotion of Tom Pitney to Strategy Director. Pitney will now drive the direction of Junkee’s in-house creative and strategy team, which produces bespoke content solutions for brands to help them tell and share their stories across their owned […]
Cricket Australia’s (CA) interim CEO Nick Hockley (main photo) has slammed broadcaster Seven for talking “our wonderful game down”. In a blistering attack on its broadcast partner, Cricket Australia lashed Seven for its ongoing legal stoush as it attempted to exit its four-year deal with the sport. As reported on B&T today, Seven West Media […]
Road safety meets a time-honoured Christmas tradition with the launch today of the Transport Accident Commission’s ‘Spend it Wisely’ advent calendar initiative, developed in close partnership with Melbourne-based creative agency TABOO. The digital advent calendar provides 25 days of road safety tips, plus offers and discounts to businesses throughout the holiday season, to help Victorians […]
PepsiCo Australia and New Zealand has announced the appointment of Vandita Pandey to the newly created role of Chief Marketing Officer for both snacks and beverages. Pandey comes from Frito-Lay (a PepsiCo company) in the United States where she has spent the last 11 years in roles that span across marketing, corporate strategy, insights and […]