Different media reports on Friday claimed that Times internet, the digital arm of the Times Group, the largest media conglomerate in India, has laid off 5% of its workforce.
Times Internet statement
The company stated that this measure has been implemented to "streamline" its operations.
Times Internet, in a statement, said, “All affected employees are receiving full severance irrespective of tenure or contract with the company.”
“Whilst it is difficult to part with talented colleagues and friends, this one-time exercise is also the right and necessary decision towards building a strong and sustainable business," it further added.
There were, however, discrepancies over exact number of employees who were handed out pink slips by the organisation.
While BestMediaInfo and inc42 claimed that 100 employees have been laid off, exchange4media said 200 employees have been handed out pink slips. Meanwhile, adgully said 350 employees have been asked to leave.
Lay-offs after split between two brothers
This lay-offs directly stem from an ongoing internal reorganisation following the separation of the siblings, and it represents a move aimed at reducing costs.
In recent times, Samir Jain and Vineet Jain concluded their division of assets. Samir Jain obtained control of the newspapers and Times Internet, while Vineet Jain acquired control of the television, radio, and various other assets.
Significant efforts are being made to reduce costs within the newspaper and internet divisions. Notably, Times Internet has already divested some of its consumer internet products as part of loss-cutting measures.