The employees of Trust in News (TiN), owner of the magazine Visão among other titles, have voted today in a general assembly to strike indefinitely until their outstanding salaries are paid, union representatives reported.
The strike was considered by employees on May 30, contingent on the payment of the remaining 20% of April’s salary, May’s salary, and meal allowances by today.
Some holiday bonuses also remain unpaid, the same sources indicated.
The assembly, convened by union delegates of Visão, saw participation from 59 people, with 47 approving the indefinite strike.
Trust in News employs around 90 workers.
No date has been set for the strike’s commencement, but it will involve all TiN employees.
Contacted by Lusa, TiN shareholder Luís Delgado declined to comment.
Insolvency administrator André Pais confirmed to Lusa that he has been informed of the strike decision, acknowledging it as a worker’s right and affirming that efforts are underway to resolve the payments. “If conditions allow,” he stated, “payments will be made.”
The TiN insolvency plan, approved by 77% of creditors, with 23% against, now awaits judicial approval.
The plan envisions an injection of up to 1.5 million euros by the sole shareholder, Luís Delgado.
It also proposes the suspension, licensing, or sale of underperforming publications such as TV Mais, Telenovelas, Caras Decoração, Prima, Visão Saúde, Visão Surf, and This is Portugal. Apart from Telenovelas, all these publications are currently suspended.
Adjustments to the frequency of some magazines may occur, keeping only the most profitable ones. Furthermore, a 70% reduction in physical space (50% already achieved) and the closure of the Porto branch are planned.
The workforce will be proportionately reduced in line with the suspension of publications, involving internal restructuring.
Debt repayment is proposed to be phased over 150 installments for the tax authority and social security, with a “payment plan of 12 to 15 years for common and secured creditors,” alongside the “possibility of bartering advertising for part of the debts,” according to the plan.
To increase revenues, the plan outlines the “growth of digital subscriptions and enhancement of the e-commerce platform, strategic partnerships with other editorial groups,” the “exploration of new content formats like podcasts and videos,” and “brand licensing to generate additional income.”
The restructuring aims for a “gradual improvement in profitability, with a medium-term return to positive results,” avoiding liquidation and “preserving jobs and assets.”
The business model will be adjusted for sustainability, aligned with digital trends, ensuring “creditor payment, compared to a liquidation scenario where many would not receive their claims.”
The plan also calls for the immediate creation of a “task force” comprising two editorial directors, a commercial director, a financial director, and an HR director to reevaluate all negotiable or terminable costs and contracts, proposed without penalty to the company, and to suggest revenue-enhancing measures based on existing resources and best practices nationally and internationally. “These suggestions will be implemented following management and insolvency administrator approval.”
Founded in 2017, Trust in News owns 16 media outlets in print and digital formats.
