March 25, 2009 1:43:23 am
YRF downsizes,with likely pay cuts
In an industry thats walking a tightrope with every release in times of economic slowdown has been abuzz with rumours that Yash Raj Films,affected by the downturn and Rab Ne Bana Di Jodis average collections,will be closing down their music label and international distribution network.
Refuting the same,the marketing head of YRF,Rafiq Gangjee,says all operations are on as usual. He did accept that like any other production house,YRF too is affected and has had to resize.
Both YRF Music and our international operations arent shutting down. However,given the current scenario,they have been restructured and right-sized as is happening globally in companies big and small. Weve merely relocated the staff within the organisation for now, he says. Market analysts also feel its unlikely that YRF,known to make,produce and market films with a flavour for the NRIs,would take such a step.
Best of Express Premium
But according to sources,YRF will let go of at least 15 per cent employees. A few middle-management employees are likely to go. YRF is also likely to request its actors to take a pay cut too since their recent films have not seen an impressive run at the box office. But to shut off their international distribution and divisions in Dubai,London and New York would mean cutting off their survival system, says an employee with YRF.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
