Trading Room home page

Nine plays down reports of job cuts

Market watch top headlines

Australian reports

World reports

Stocks to watch

FXJ, MRN, IPL, NAB, QFX, STO, TLS,

SYDNEY, Jan 30 AAP

January 30 2013, 7:33PM

Nine Entertainment has played down reports of further job cuts at the television broadcaster, labelling them as speculation.

Nine spokeswoman Victoria Buchan said a note referred to in media reports on Wednesday related to comments by the group's new board and reports of further job cuts at the network were "just speculation".

Nine chief executive David Gyngell told staff in a note that the "environment remains difficult and we have to toughen up and find ways to save costs and operate more efficiently".

Fairfax Media reported that Nine is understood to be seeking cost cuts of up 10 per cent while fewer than 100 positions are to go, as the advertising downturn continues.

A deal was brokered in October 2012 by Nine and its bankers to remove all of the $3.2 billion of debt that had threatened the media group's financial viability.

Senior lenders now own about 95 per cent of Nine.

Private equity group CVC bought the media group six years ago from interests associated with billionaire James Packer, but had laboured under the heavy debt load.

The network has undergone a series of job-shedding over recent years, in order to cut costs.