CONTACTS: +254 726879488 (Mobile)
+254770 455 116 (Office)
By Steve Umidha
The Nation Media Group (NMG) has shut down its three broadcast stations in a move set to leave the firm’ several employees jobless.
The media giant said in statement that it was shutting down Nation FM, QFM and Rwanda’s KFM broadcast stations.
According to an internal memo seen by People Daily, the company said that this was being done with the objective of transforming the company into a twenty first century digital content media outlet while embracing a digital and mobile first business model.
“We have embarked on implementing a new strategic direction that ensures we secure our current and position the organisation to win the future. We are cognizant of changing trends,” it said.
The shift will see QTV merged with NTV, with the firm saying it would consolidate the two stations into, ‘a one strong multilingual television station under one flagship brand NTV.’
“Regrettably this will result to reduction of our workforce through job redundancies,” the company said, in a process that took effect yesterday.
Meanwhile, the Nation Media Group share price yesterday closed trading day at the Nairobi Securities Exchange (NSE) with a flat value of Sh 150.00 (0.00 per cent).