KUALA LUMPUR (Nov 6): Media Prima Bhd, which publishes the New Straits Times, Berita Harian and Harian Metro, as well as owns four TV channels – TV3, 8TV, ntv7 and TV9, has reached out to the various worker's unions over its move to lay off more than 1,000 employees in a bid to downsize operations.

The unions are the National Union of Journalists NSTP Branch, the National Union of Newspaper Workers NSTP Branch, Kesatuan Sekerja Kakitangan Sistem Televisyen Malaysia Bhd and Kesatuan Eksekutif Sistem Televisyen Malaysia Bhd.

In a statement today, Media Prima said it is working closely with the unions on the execution of the business transformation plan that was announced by the group on Nov 1.

"This is to ensure that the process is transparent and all obligations to affected employees are given the utmost priority. All parties have reached an understanding that a fair and equitable compensation governed by the law and the respective union collective agreements will be adhered to," it added.

Media Prima had earlier announced that it will embark on the next phase of its business transformation plan, which includes changing its business model and restructuring internally to enable the group to be future-proofed and sustainable given the uncertain macroeconomic conditions and disruptive changes in the global and local media sector.

The restructuring exercise is expected to be completed by the first quarter of 2020.

Media Prima shares closed unchanged at 34 sen, with 290,400 shares done, bringing a market capitalisation of RM377.13 million.