BloombergQuint, one of the top five business news sites in India, has sacked 90 employees from its broadcasting team, reported bestmediainfo.com.
A total of 90 employees of the broadcast team have been asked to leave, which is 50 per cent of the total workforce, said an official from the senior management.
BloombergQuint is a joint venture between Raghav Bahl’s Quintillion Media and Bloomberg Media Group which is headquartered in Midtown Manhattan, New York City.
According to the report, around Rs 200 crore was spent in setting up studios and broadcasting infrastructure for BloombergQuint in Mumbai. However, the Ministry of Information and Broadcasting did not grant a licence to the company to broadcast on TV.
In a statement, BloombergQuint said that it will now concentrate all its resources on the digital platform. "BloombergQuint will now concentrate all its resources in building upon the early success of its award-winning premium digital subscription service, BloombergQuint.com, which is a market leader in India in the business news space," the company said.
“BQ will be terminating its television division as its broadcast licence remains pending," it added.
Earlier, The Quint reportedly asked nearly half its staff to go on a leave without pay amid the lockdown enforced due to coronavirus.
"In these circumstances, it is clear that our revenues will be under severe strain over the next 3-4 months, at least. During this time, The Quint’s primary objectives should be: a) For everybody to stay healthy. b) For our young operation to survive this period and live to fight another day. That can happen if we take emergency actions, measures only used in the ‘rarest of rare’ situations, measures that may constrain us all, but may also help us stay afloat at a time like this," Quint's Editor-in-Chief Raghav Bahl said.