Times Internet, the digital subsidiary of the Times Group (Bennett Coleman and Company Ltd. or BCCL), has initiated a workforce reduction of 5%, resu
Times Internet, the digital subsidiary of the Times Group (Bennett Coleman and Company Ltd. or BCCL), has initiated a workforce reduction of 5%, resulting in approximately 100 job eliminations. This decision has been made to streamline the company’s operations, as stated in an official company announcement. Notably, the affected employees will receive full severance packages, irrespective of their length of service or contract type.
In their statement, Times Internet remarked, “All affected employees are receiving full severance irrespective of tenure or contract with the company.” Sources close to the situation have indicated that further layoffs may occur in the near future.
The statement continued, stating, “While it is difficult to part with talented colleagues and friends, this one-time exercise is also the right and necessary decision towards building a strong and sustainable business.”
Following the division of BCCL between the Jain brothers, Samir Jain and Vineet Jain, Times Internet now falls under the purview of Samir Jain. The digital division is presently led by Satyan Gajwani, who serves as Vice-Chairman.
In recent times, Times Internet has divested several of its businesses, including the sale of Dineout to Swiggy, MX TakaTak to ShareChat, and MensXP and iDiva to Mensa. Additionally, there were discussions about potentially selling its OTT app, MX Player, to Amazon Prime Video, although this deal was ultimately canceled.
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