Arena Holdings is restructuring its news and entertainment businesses. In a statement, the company attributed the move to the challenges posed by the changing market landscape and the trading environment.
Earlier, acting CEO Pule Molebeledi addressed staff. He said while the company and its current owners had avoided going this route, it had “become inevitable to initiate a Section 189 process to ensure relevance and sustainability of the business”.
Consultations with all affected employees will start immediately.
“We are aware that the current situation is going to be difficult, especially for those affected by the restructuring,” said Molebeledi.
“But 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.”
