Some employees from Mediamax Limited owned TV station K24 TV will be retrenched over alleged financial woes and loss if major revenue streams.
Mediamax acting CEO Ken Ngaruiya attributed the company’s financial woes to recent economic downturn and loss of its major revenue streams.
Therefore the company has been forced to sack people and do away with some positions to reduce costs.
“In line with its current HR policies, Mediamax Network Limited shall give the employees declared redundant one (1) month’s notice or alternatively, pay one (1) month’s salary in lieu of notice and pay a severance pay at the rate of 15 days for each year of service,” read a letter addressed to the Labour office by Mr Ngaruiya.
The company employees will also be paid for their services until their date of termination plus other benefits incurred such as pending off days.
The retrenchments comes days after betting firms Sportpesa and Betin halts operations in Kenya.
The betting firms were a major source of income for media houses as they regularly placed advertisements.