At least 50 employees could be laid off by Vision Group by the end of this year, insider sources have told Bbeg Media.
Our sources told us that employees have been told that the company is struggling due to the deteriorating economic environment.
We have also been told that the process of laying off staff will be conducted in a phased manner between now and December 2025.
“The situation is not good, and our supervisors keep telling us that some of us may not have jobs soon,” said one employee in the editorial department
Sources have told us that the circulation department will bear the brunt of the planned redundancies in the company, which employs more than 400 people.
In 2023, The New Vision laid off several senior staffers and editors and demoted some to freelancers.
These included Hillary Bainomugisha, Gerald Tenywa, Paul Busharizi, and Kalungu Kabuye, among others.
The news of another lay off comes amidst a warning by the company this week to shareholders that, going by its earnings projections so far, it is set to make a loss for the half-year ending December 2024.
In the statement, Don Wanyama, the CEO of Vision Group, said, “the main contributor to this performance is the challenging business environment due to declining traditional media newspaper sales and advertising revenue spend across the different platforms, coupled with the increase in prices of raw materials/inputs and other operational costs.”
In the financial year that ended in June 2024, Vision Group registered a loss of Shs 11.2 billion. The year before it (June 2023), the group made a loss of Shs 5.5 billion (Click on the link below for details).
NVPPCL-Published-Accounts-for-the-year-ended-June-30-2024.pdf
Over the last five years, the business environment has proved harsh for traditional media organizations in Uganda as they try to keep pace with social media platforms.reading The
We reported last week that The Observer newspaper, founded in 2004, had been put up for sale by its shareholders after sales nosedived and revenues dried up.
