Friday, January 6, 2017

HT Media Ltd to shut down six editions of @htTweets

HT Media Ltd, a BSE listed entity, with a yearly turnover of over Rs 2000 crore has decided to shut down Bhopal, Indore, Ranchi, Kanpur, Allahabad and Varanasi editions of Hindustan Times (HT) with effect from 09 January 2017.

Apart from closing down six editions, According to Brihanmumbai Union of Journalists (BUJ) HT Media Ltd is also illegally "pruning" staff in various departments as well as in The Mint, a sister publication from the Group and has shut down the business bureaus in Mumbai and Delhi, besides the bureau in Kolkata. Hundreds of journalists are likely to lose their jobs as a consequence.HT Media Ltd's third quarter 2016 earnings stood at Rs 602.23 crore.Its official website has projected a total revenue of Rs 662.40 crore, in Q1FY2017, which constitutes an increase of 7.5 per cent over the corresponding quarter of the previous year.  It also maintains a strong balance sheet position with a net cash of Rs 823.40 crore.

It is astonishing that a hugely profitable company like HT Media Ltd has chosen to illegally close down six editions of Hindustan Times and sack several other journalists working in various bureaus rather than implement the Majithia Wage Board Award said  BUJ in press statement.