The Nation newspaper announced today that it has released 9 employees, 6 who were permanent and 3 part timers. Wonder if Harold Hoyte is resting comfortably at night. He and a few others sold a profitable local newspaper for a bag of silver to provide comfort in their golden years and the rest as they say is history.
Why should Barbadians support this newspaper when it continues to send home Barbadians?
A scan of the parent company’s most recent financials confirms that a conservative decision was taken to chargeoff US38 million in goodwill. It seems there is recognition by the Board of Directors that web-based media has been impacting negatively on traditional paper-based media delivery. Despite the one-off hit to their profit and loss, One Caribbean Media (OCM)has taken the decision to send home people to defend its balance sheet position. OCM suffered a decline in profit before tax of 9% 2010 over 2009.
Chairman Fred Gollop, a Barbadian, would probably explain that shareholder investment must be protected. The sad fact is that the Nation is a newspaper wihich has enjoyed a family culture probably means nothing to the new owners. To compound matters it has as its Publisher Vivian-Anne Gittens, an accountant by training. It now appears to be all about bean counting.
How can OCM justify sending home people in a recessionary climate without first being creative in managing compensation? How is it most companies in Barbados have been holding strain and a large company like OCM takes the easy decision by sending home people? The answer is simple, the strings are being tugged from Port of Spain.
The more puzzling matter is what business model does the Nation have where it currently boasts of owning the bulk of the marketshare but cannot successfully translate this to a winning position? We have a lawyer as Chairman, an engineer and accountant as publisher and for what?
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