Times Group’s internal split-driven layoffs leave over 120 employees jobless
text_fields
Times Internet Limited (TIL), the digital arm of the Times Group, has reportedly undergone a second round of layoffs, leaving over 120 employees jobless. This unexpected move follows a previous round of layoffs in August, during which the company assured that it was a one-time exercise.
The recent layoffs occurred discreetly, catching employees off guard. According to insiders, even vertical heads were unaware, learning of the job cuts only when employees were called individually and informed about their termination. The dismissals spanned various departments, including editorial, product, design, and sales.
The layoffs were triggered by a restructuring process aimed at eliminating internal duplications, according to a TIL spokesperson. This restructuring is linked to a significant split in the Times Group's assets between brothers Vineet and Samir Jain, which occurred six months ago.
Samir received the group's print and online titles, while Vineet took over broadcast and radio.
Insiders speculate that the recent job cuts are part of an integration strategy, anticipating a merger of products within the next three months.
Some suggest that verticals like ET Prime and TOI Plus, currently under TIL, may be integrated with Bennett, Coleman & Co. Ltd. (BCCL), another entity within the Times Group. This potential integration could lead to job redundancies, especially among reporters covering similar beats.
During a mid-term review in October, Satyan Gajwani, vice-chairman of TIL and son-in-law of Samir Jain, addressed employees, acknowledging the company's dependence on the main parent company for revenues. Gajwani described TIL as being in an "existential crisis." The recent layoffs appear to align with the company's efforts to become more self-sufficient.
Despite the reassurance from a TIL spokesperson that this is the "final round" of layoffs, employees remain sceptical, with many anticipating multiple rounds until the staff size is significantly reduced. The atmosphere within TIL is described as one of deep fear and uncertainty, prompting many employees to seek opportunities elsewhere actively.