|
|
| • EXCH RATES |
|
Baht/$ 33.50/55
Bid/Ask
|
GOLD |
14,450
- 100
|
|
Two new companies run paper's operations
WORANUJ MANEERUNGSEE
Nation Multimedia's The Nation newspaper, which was relaunched earlier this year as a business daily, is set for further changes to cope with rising costs. According to Pana Janviroj, president of The Nation, starting today the English daily is no longer operated by Nation Multimedia Group (NMG). Instead, it operates separately under NMG Co Ltd, a subsidiary of the parent company. Also, a separate sub-editing company partly owned by former sub-editors of The Nation will be set up with the backing of NMG.
Last week, the parent company offered a voluntary early retirement package for editorial staff. About 30 Thai and foreign workers out of 130 took the package.
The four-month-old free tabloid Daily Xpress has also been downsized from an initial 48 pages to between 24 and 28 pages currently. It stopped printing on weekends since the beginning of last month.
The changes are aimed at cutting costs, said Mr Pana. The company is suffering from declining ad spending and skyrocketing newsprint prices, now averaging US$870 a tonne, up from $540 at the end of last year.
The group owns a range of media in print, radio, satellite TV and the internet. But not every product, including The Nation, is successful.
''Hopefully, after the change, we can reduce our massive debt,'' said Mr Pana.
NMG reported total debt of three billion baht in the first quarter of this year, with a turnover of 790 million baht, net profit of 6.94 million baht and assets of four billion baht.
As for 2007, its total debt was 3.22 billion baht, with a turnover of 3.2 billion baht, net losses of 797 million baht and assets of 4.1 billion baht.
Mr Pana said it was looking for strategic partners for NMG Co. In the beginning, management will hold 10% of the new firm and the rest will be held by its listed parent.
NMG will later dilute its holdings in NMG Co to below 50%.
The new sub-editing firm will not only provide service for the group, but also for outside clients.
Mr Pana insisted that the changes were not meant to change the focus of The Nation from a business newspaper. Once political news does not dominate all media, its image would be clearer, he said. The newspaper now has more business columnists and analysis.
''At the end of the day, The Nation will be similar to the FT (Financial Times) or the Wall Street Journal, having primarily business news,'' he said.
A media watcher said Xpress was premature for the Thai market.
''The group's free English tabloid has come out five or ten years ahead of its time. The English language market is still very small here,'' he said.
A staff member at the newspaper questioned management's efficiency.
''Was it the right time to launch a free tabloid amid rising newsprint prices and a sluggish economy?'' the staffer said.
NMG share prices closed yesterday on the Stock Exchange of Thailand at seven baht, down 85 satang, in trade worth 112,000 baht.
Prev
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Next
