Post by
freedom45 on May 19, 2021 5:12pm
Update
Media Central provides outlook at monthly town hall 2021-05-19 15:54 ET - News Release Ms. Maria Micieli reports MEDIA CENTRAL CORPORATION SHARES 2021 VISION DURING MAY EMPLOYEE TOWN HALL Media Central Corp. used its regularly scheduled monthly virtual town hall to provide employees with a snapshot of the company's future. The Company's monthly town hall meetings were introduced in December 2020 following changes to the Company's management and Board to demonstrate the Board and management's commitment to building a culture of alignment and transparency. During the meeting the Company discussed the difficulties encountered during 2020 when losses totaled $4.6 million under the leadership of the previous board. The new board was installed in late November 2020 and has spent the last six months working closely with management to restructure the business for growth. The meeting was used to update the employees on some of the new strategic initiatives. "The Board and senior management have a mutual belief that it takes a team to build a great company," said Manos Pavlakis, Chairman of Media Central's Board. "We cannot unwind the past. But we can learn from it and can create our own destiny. We can't do that without the support of our employees." "We've hosted six town hall meetings since the new Board has been in place. They are not a panacea. We get tough questions, as expected, and we provide honest answers. During our most recent town hall we shared what we could about future revenue opportunities that we believe will generate sustainable profitability." One example of what the future holds is the decision to embrace remote newsrooms and sales departments with the support of employees. Both the Georgia Straight and NOW Magazine recently moved into smaller, high quality office spaces, both at reduced monthly operating costs. The Board and management also commented that the foundation of the company goes beyond brick and mortar. Media Central intends to build its future on three pillars: High-quality news products on all platforms with print being the "storefront" that creates brand awareness for our new digital products; New advertising revenue models will be introduced mid-year to support and diversify traditional revenue streams that have been severely affected by COVID-19 this past year; and Building "scalable" digital audiences with our new digital products with the first new product launch scheduled to go for June 2021. "We believe in our strategy. We are thrilled with our digital product development execution, a noticeable deficiency from our previous strategy," said Kirk MacDonald, President of Media Central. "We have a talented group of employees who are passionate about our mission. We are confident that our diversified revenue streams will flow into the Company over the next 12 months and we look forward to delivering improved results. We are energized about our future. However, at the same time, our eyes are wide open about the challenges that all businesses are faces in today's incredibly complex economic and social environment."