Looks like Kishore Biyani’s media foray with Future Media has started feeling the pinch of the economic slowdown.
To close some divisions, sack 12% of workforce
MUMBAI: Looks like Kishore Biyani’s media foray with Future Media has started feeling the pinch of the economic slowdown. News is that the management of Future Media has either shut down or is in the process of shutting some of the divisions in its media business.
The management is also understood to have issued pink slips to nearly a dozen people in these divisions. When contacted, Partho Dasgupta, managing director and chief executive officer, admitted that some people have been asked to leave. “Some amount of rightsizing has happened but there haven’t been any significant layoffs,” said Dasgupta.
Asked why the company was rightsizing and how many people were asked to leave, all he said was, “A couple of people.” He then added, “There are some functions we are exiting and hence the rightsizing.”
According to the company’s website, the Future Media team comprises 80 professionals from the media and entertainment industry. According to market sources, about 12% of this workforce has been handed the pink slip.
Launched in January 2007, Future Media has media properties such as Future Visual Spaces, Future Print, Future Radio, Future Television, Future Theatre, Future Fuel and Future Activation.
Dasgupta refused to provide further details on which divisions were being considered for closure.
Later, responding to a detailed questionnaire sent through an email, Dasgupta denied making any of the above comments. His reply read, “There is only half-truth in the questions that you have put forth. Restructuring is part of the regular business process, but at the same time we are also recruiting new talent for positions that cannot be done away with. As far as your question on exiting some businesses is concerned, there is absolutely no truth in it.”
t_ashish@dnaindia.net 
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