Times Internet Implements 5% Workforce Reduction, Cuts 100 Jobs to Streamline Operations
- ByStartupStory | August 20, 2023
Times Internet, the digital arm of the Times Group (Bennett Coleman and Company Ltd., or BCCL), has implemented a workforce reduction of 5%, resulting in approximately 100 job cuts. This move has been enacted with the aim of streamlining operations, according to a company statement. The affected employees are reportedly receiving full severance packages regardless of their tenure or contract status.
In a statement, Times Internet said, “All affected employees are receiving full severance irrespective of tenure or contract with the company.” Sources close to the development told BestMediaInfo.com that more lay-offs could take place in the near future.
The statement further read, “While 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.”
Following the division of BCCL between the Jain brothers, Samir Jain and Vineet Jain, Times Internet came under the purview of Samir Jain. The digital arm is currently under the leadership of Satyan Gajwani, who serves as Vice-Chairman.
In recent times, Times Internet has divested certain businesses. It sold Dineout to Swiggy, MX TakaTak to ShareChat, and MensXP and iDiva to Mensa. Additionally, there were talks of a potential sale of its OTT app, MX Player, to Amazon Prime Video, although this deal was eventually canceled.
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