The firm also noted that many companies would spend more on advertising special sales in the print media, increasing Ma'ariv's revenue.
Struggling media group Ma'ariv Holdings (TASE: MARV) is to make further cuts in manpower and operating costs totaling NIS 24 million, on top of the NIS 25.2 million in streamlining measures it has already announced. The company disclosed the move in a notice yesterday to the Tel Aviv Stock Exchange (TASE), following the cash flow forecast it released on November 24.
Ma'ariv released yesterday's statement at the request of the Israel Securities Authority. The company sounded a note of optimism despite the crisis, noting that many companies were having to spend more on advertising special sales in the print media, and that it expected to see an increase in advertising revenue because of this.
Published by Globes [online], Israel business news - www.globes-online.com - on December 9, 2008
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