JioStar, India’s largest media conglomerate, is set to lay off approximately 1,100 employees following the merger of Viacom18 and Disney Star, according to a report by Mint.
The workforce reduction has been ongoing for the past month and is expected to continue. The layoffs will impact employees across various departments, including finance, commercial, distribution, and legal.
Sources familiar with the matter, who spoke on the condition of anonymity, revealed that affected employees also include senior directors, senior managers, entry-level staff, and assistant vice-presidents. However, the job cuts will reportedly not extend to the sports divisions, such as IPL (Indian Premier League), WPL (Women’s Premier League), and the upcoming Champions Trophy.
Employees affected by the layoffs will receive severance packages ranging from six to 12 months’ pay, depending on their tenure at the company. The package includes one month’s salary for each year of service, along with a notice period of one to three months.
Following the layoffs, rival media companies have started receiving job applications from affected JioStar employees, some of whom earn annual packages exceeding Rs 1 crore, Mint added.
Industry experts note that job redundancies are a common consequence when two major firms with overlapping operations merge.
The merger of Reliance Industries’ Viacom18 and Disney Hotstar’s India unit has created the country’s largest media conglomerate, leading to restructuring efforts aimed at streamlining operations.
