The Standard Group Limited has recorded a drop in earnings from Sh 205 million to Sh21 million in the six month period ended 30 June 2015.
The company which owns the Standard Newspaper, KTN , KTN News, Radio Maisha and Standard Digital has revealed that the TV department was the hardest hit citing challenges during the digital migration dispute.
The Group attributed massive loss of revenue to the disruption of business when digital migration was in progress early this year.
It also quoted challenges in its business operating environment as well as the drop in market value of some of the company's assets.
Following the decline in revenue, the oldest media company in Kenya has resorted to an organisational restructuring process.
Several employees have already been retrenched in the procedure with the number of those let go is expected to rise before the restructuring exercise is completed.
See Standard Media Group Offers Staff Another Option Before Retrenchment
Top anchors have also not been spared with the likes of Wilson Mburu, who hosted the Sunday Satirical show, Mock The Week also being shaken off.
Mburu released a video confirming that he had been retrenched by the Mombasa Road based media house.
See Popular KTN Anchor Releases Video After Being Retrenched
Kenyans took to social media, expressing shock at the tremendous drop.
The company, however, has expressed optimism that it would post better results once the reorganization and other measures taken to improve revenue start bearing fruit.
See Also KTN's Anchor Bags Prestigious BBC Award
