Arena Holdings has embarked on a restructuring of its news and entertainment business and has initiated a section 189 process.
Acting CEO Pule Molebeledi told employees on Friday that challenges posed by a changing market landscape and the trading environment made the restructuring unavoidable.
“We are aware that the current situation is going to be difficult, especially for those affected by the restructuring. As we propel Arena into the future, we need to confront the brutal facts, but we will never lose the faith. This is a future that requires new skills, mindsets and dynamic business models,” said Molebeledi.
Molebeledi said: “While the company has thus far avoided going this route by its current owners, it has become inevitable. Consultations with all affected employees will start immediately.”
He said the process was necessary to ensure relevance and sustainability of the business.
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