Business News: Global Recession hits Jameson Media

Jameson Media today announced quarterly profits down 40% on last quarter, hinting that show cancellations and staff cutbacks may be necessary to keep the company afloat.

Chief of Finances Liam Mayse today figures that showed low viewer ratings for Ollingdale Season 1 and the current economic crisis has left advertising revenue down 60% on the first quarter of this year, when the company first started off.

Liam Mayse wrote:The current global recession, along with weaker viewer ratings in the USA, means that Jameson Media is currently facing a hard Christmas period, and may have to cancel some productions and one-off specials.

Last week the company sold off it's 50% stake in Sim World International, and cancelled Warwick Avenue, a London-based drama. This may lead to Sim Land releasing it's pre-Christmas profits, that until now have been kept silent. Marcus Thompson refused to comment.

CEO Thomas Jameson insisted that the company would last the next 3 quarters, but unless advertising revenue rises, they may have to scale back operations. American Drama's account for 70% of the companys total income, around $14m, and the recent cutbacks in the American TV networks on drama productions has led to critics calling for a reduction in drama shows around the world.