Media groups to cut pay 20% amid crisis

Intact media group said it would cut salaries of its all employees, as part of a cost-reduction plan to overcome crisis. Publimedia International will undergo a costs overhaul, including salaries. Realitatea-Catavencu and Adevarul Holding will maintain their pay policy.

The measure prompted by Intact is designed to minimize the effects of the financial crisis, such as massive layoff, reads a press release remitted by the company.

“I want the performance to remain the only criteria based on which the layoffs to be made. The reasons why I resorted to this measure, the reduction of pay packages, was to avoid laying off professionals, who wouldn’t normally have to be worried about their jobs”, said Camelia Voiculescu, chairman and managing director of Intact media group.

Directors of the companies under Intact Media umbrella have already presented a salary plan for 2009, with 20% reduction compared to last year. As opposed to the general decision of the group, Catalin Tolontan, quoted by, said that the pay packages at Gazeta Sporturilor daily would not be reduced in the following months.

Publimedia International, part of MediaPro group has resorted to a plan to reduce costs, without commenting on the 5% cut of salaries at Gandul daily.

“We are working on cutting the operating costs, by making reductions in all levels. Pay cuts are part of this plan as well. I prefer not to comment more, as depends upon the policy of each company”, said Cosmina Noaghea, publishing manager at Publimedia International.

On the other hand, as of January, the group will make several changes at some of the publications edited by Publimedia International. Descopera magazine and local daily Banateanul will be issued in online format only, while the monthly magazine Target will be issued together with Ziarul Financiar, under the name DA Premium.

Realitatea Catavencu group has not yet operated any pay cuts, according to Emil Hurezeanu, chairman of GRC, who will take office on February 1.

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