TV3 has made 12 people compulsorily redundant today, introduced pay cuts and reduced its domestically produced programming to trim its costs.
The Irish terrestrial broadcaster, which is owned by private equity group Doughty Hanson, said all staff would take a 7 per cent pay cut with executive remuneration reduced by 15 per cent.
TV3's Sports Tonightprogramme, which is broadcast Monday to Thursday, is also to end immediately.
In a statement David McRedmond, TV3 chief executive, said the company had no choice but to reduce costs in the current economic climate.
“While TV3 has been outperforming the TV ad market, we are not immune from the global downturn in advertising which in Ireland has been exacerbated by the market failure from RTÉ’s dual-funding model,” he said.
