This archive report was first published on 30 September 2019.
Mediamax Network LTD has announced plans to reorganize its staff structure and abolish some positions, citing recent economic downturn and loss of its major revenue streams.
The company made the announcement in a letter dated September 30, 2019, to the county labour office, stating that the move is aimed at cutting costs.
Mediamax recently rebranded K24 in an attempt to appeal to a younger audience, stating that it demands authentic, local, and real-time content. According to Mediamax's acting Chief Executive Officer Ken Ngaruiya, the rebrand was a strategic response to market needs in a disruptive digital era.
However, the rebrand may not have worked out in their favour as the company is seemingly struggling to make profits. This is not the first instance of a company in Kenya struggling with financial difficulties, as Betin, a betting firm, recently sent home all its employees citing a lack of finances.
