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CCV - Churchill Capital V News Story

$9.94 -0.1  -0.8%

Last Trade - 6:18pm

Mid Cap
Market Cap £487.9m
Enterprise Value £486.8m
Revenue £n/a
Position in Universe 3211th / 6853

UPDATE 1-Sky Italia to cut total workforce by 25% in 4 year plan - sources

Fri 9th April, 2021 12:09pm
(Add details)
    MILAN, April 9 (Reuters) - U.S. Comcast's  CMCSA.O  Italian
unit SKY has told national union representatives it plans to
reduce its total workforce, including contractors, by 25% under
a four year reorganization plan, two sources familiar with the
matter said on Friday.
    The cuts are expected to yield savings of about 300 million
euros ($356.76 million), the sources added. 
    Italy's top pay TV player SKY intends to manage the
redundancies on a voluntary basis through agreements with the
unions, a third source said.
    SKY currently employs nearly 11,000 people in Italy,
including some 5,000 direct employees.
    The staff reduction plan is part of a broader
re-organisation of SKY's operations in Italy in response to
stiffer competition in the industry from video apps like Netflix
 NFLX.O , Amazon Prime Video  AMZN.O  and sport streaming
service DAZN that are offering flat-rate deals to view movies,
series and premium sport content via internet-enabled devices.
($1 = 0.8409 euros)

 (Reporting by Elvira Pollina, writing by Maria Pia Quaglia;
editing by Agnieszka Flak)
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