The following story has been reproduced from the CNMG online news site
The Caribbean New Media Group (CNMG) has embarked on a 20% cost-cutting exercise as it makes a giant leap towards standing on its own financial feet in 36 months.
The announcement was made at CNMG's 4th annual AGM held at the Marriott Hotel. However, company officials stated that the salaries and wages of its staff will not be affected.
The Ministry of Finance is the sole shareholder of the Caribbean New Media Group. Since setting up operations in 2005, the State Enterprise has been fully subsidized at a total sum of $235 million.
The initial capital financing was $135 million, $54 million of which was spent on developing a technologically- superior platform with state of the art equipment - the best the Caribbean has to offer. The rest was spent on operations and wages.
At present, CNMG generates $34 million in revenue. The company's Internal Auditor, Taran Seegobin, said for dividends to be forthcoming that figure needs to go up to $50 million, with a gross profit margin of 42%.
To accomplish this goal in a year and a half, he said major cuts are absolutely necessary.
Amidst the looming reductions, CNMG's Chairman of five months, Mr Brian Stone, acknowledged that employees remain the heartbeat of the organization.
He continued, "By all accounts, the Executive staff and loyal, hardworking employees at CNMG welcome the new spirit of competitive and progressive change. We seek to provide employees an opportunity to develop a career at CNMG. An opportunity, apparently, lost somewhere along the way in the past six years."
As CNMG pledges its commitment to return on taxpayer's investment, Mr Stone confirmed that Talk City 91.1fm, Sweet 100.1fm and Next 99.1fm listeners, along with C TV viewers can expect a number of new exciting ventures.
"CNMG TV shall own the morning primetime slot with the best morning show, First Up, and shall establish C News as the most viewed newscast in the nation. Arguably, we already occupy the Number One position, or about to."
The interim CEO, Mr Ken Ali, pointed out that significant strides have already been made in the last few months.
He said, "We are proud that our various news products have improved and have been expanded as evidenced by growing viewership and increased interest from the advertising market."
Since inception five years ago, the State Enterprise has had two Boards and three CEOs.
Under the previous PNM administration it fell under the Ministry of Information.
When the PP Government assumed office in 2010, CNMG formed part of the Office of the Prime Minister.
In June 2011, CNMG was shifted to the expanded Ministry of Foreign Affairs and Communications but despite these major changes, Chairman Stone said one thing has remained constant: "CNMG is everybody's station."
The announcement was made at CNMG's 4th annual AGM held at the Marriott Hotel. However, company officials stated that the salaries and wages of its staff will not be affected.
The Ministry of Finance is the sole shareholder of the Caribbean New Media Group. Since setting up operations in 2005, the State Enterprise has been fully subsidized at a total sum of $235 million.
The initial capital financing was $135 million, $54 million of which was spent on developing a technologically- superior platform with state of the art equipment - the best the Caribbean has to offer. The rest was spent on operations and wages.
At present, CNMG generates $34 million in revenue. The company's Internal Auditor, Taran Seegobin, said for dividends to be forthcoming that figure needs to go up to $50 million, with a gross profit margin of 42%.
To accomplish this goal in a year and a half, he said major cuts are absolutely necessary.
Amidst the looming reductions, CNMG's Chairman of five months, Mr Brian Stone, acknowledged that employees remain the heartbeat of the organization.
He continued, "By all accounts, the Executive staff and loyal, hardworking employees at CNMG welcome the new spirit of competitive and progressive change. We seek to provide employees an opportunity to develop a career at CNMG. An opportunity, apparently, lost somewhere along the way in the past six years."
As CNMG pledges its commitment to return on taxpayer's investment, Mr Stone confirmed that Talk City 91.1fm, Sweet 100.1fm and Next 99.1fm listeners, along with C TV viewers can expect a number of new exciting ventures.
"CNMG TV shall own the morning primetime slot with the best morning show, First Up, and shall establish C News as the most viewed newscast in the nation. Arguably, we already occupy the Number One position, or about to."
The interim CEO, Mr Ken Ali, pointed out that significant strides have already been made in the last few months.
He said, "We are proud that our various news products have improved and have been expanded as evidenced by growing viewership and increased interest from the advertising market."
Since inception five years ago, the State Enterprise has had two Boards and three CEOs.
Under the previous PNM administration it fell under the Ministry of Information.
When the PP Government assumed office in 2010, CNMG formed part of the Office of the Prime Minister.
In June 2011, CNMG was shifted to the expanded Ministry of Foreign Affairs and Communications but despite these major changes, Chairman Stone said one thing has remained constant: "CNMG is everybody's station."
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