One of the TV stations owned by the Standard Group has been shut down due to serious cash flow issues.
According to reports, KTN News, KTN Home’s sister station, quietly stopped broadcasting on July 5.
The primary content of KTN News, which was news and news features, has been replaced by KTN Home, the company’s main television channel.
The decision was made just one week after Standard Group management declared it would be letting go of 300 workers in an effort to reduce expenses and keep the business afloat.
According to insiders, 200 workers—including senior editors of newspapers and broadcast media—have already been placed on leave in anticipation of leaving.
“Many guys have been sent on compulsory leave,” an insider said. “Everyone who has been asked to go on leave is not coming back.”
Most of the KTN News employees have been let go, except a few who have been absorbed by KTN Home in its various departments. The closure of KTN News marks the beginning of a restructuring of the media company’s operations away from retrenching staff.
Cutting off KTN News, with other operations in radio and TV expected to follow, is hoped to make Standard leaner and agile enough to recover from its current financial mess.
KTN news was launched in July 2015 and has been closed down exactly nine years later. It was unveiled as a 24-hour station focusing on delivering comprehensive, incisive news, current affairs programming, documentaries and features.
