One Caribbean Media Limited (OCM) has completed a restructuring exercise which included retrenchment of 49 employees across the CCN Group (CCN, Express, TV6), Group Chief Executive Officer Dawn Thomas has confirmed.
In a statement to employees, Thomas said the company had to make some tough decisions to ensure the organisation is properly structured to remain viable with "the necessary resources to invest in our people. plant and process upgrades."
She said: "The media industry has been going through fundamental changes mainly due to technological developments in the digital space. Additionally, the economic environment has been challenging and in decline for several years.
"These factors, unfortunately, have negatively impacted our advertising revenues as our loyal clients have cut their advertising/marketing budgets as they too struggle with a decline in their business performance."
Thomas said the OCM management team had explored all possible actions, including cost reduction measures.
She expressed confidence that the organisation would emerge stronger, more efficient and more relevant.
"At this time, I seek your understanding and continued support in making this transition a success," she said.