Mediamax Is Laying Off Citing Economic Downturn And Massive Losses

More people are set to be jobless in the country as Mediamax Network LTD becomes the latest to announce its intended redundancies owing to “recent economic downturn and loss of its major revenue streams.”

In a letter dated the 30th September this year written to county labour office, the company in a bid to cut costs said it will be reorganizing its staff structure and abolishing some positions in a move set to render more kenyans unemployed on account of redundancy.

Mediamax recently rebranded K24 in an attempt to appeal to a younger audience it said demands authentic, local and real-time content. “K24 relaunch is a strategic response to the market needs in a disruptive digital era that requires the injection of creative execution and delivering content on-demand, to a younger and sophisticated audience… Our goal is to deliver content in real-time, shift from traditional programming style and push more videos.” Mediamax acting Chief Executive Officer Ken Ngaruiya had said.

The rebrand may not have worked out in their favour as the company is seemingly struggling to make profits.

Betin a betting firm in the country recently sent home all its employees saying they have run out of finances.