‘We are not standing still’

In response to mounting financial losses and a shrinking traditional advertising market, the RJRGleaner Group has initiated a bold 12-month turnaround strategy. The plan, unveiled during an investor briefing at the AC Hotel Kingston, focuses on corporate restructuring, a groundbreaking partnership with the Jamaica Observer, and a concerted effort to monetize its vast but underutilized digital audience. This move comes as the company reported a net loss of $180 million for the first quarter ending June 30, 2025, highlighting the urgency of the situation. Chairman Joseph Matalon emphasized the challenges faced by the group, stating, ‘The past year has been very challenging… but we are not standing still. We have taken decisive steps to reshape this group for the future.’ The strategy includes a shift from a siloed operational structure to a unified model, with dedicated leaders for each business line focused solely on profitability. Centralized sales and marketing teams will craft a cohesive strategy to monetize the company’s audience across all platforms. The group is also leveraging its dominant online presence, targeting the Jamaican Diaspora, particularly in the United States, where advertising revenue per million impressions is significantly higher than in Jamaica. Additionally, a landmark memorandum of understanding with the Jamaica Observer aims to reduce operational costs through a joint venture in printing and distribution. Despite these efforts, CEO Anthony Smith cautioned that the turnaround will be gradual, with tangible results expected in the latter half of the year and beyond. The company’s auditor, Baker Tilly, flagged critical areas of concern, including the valuation of its investment property portfolio and the impairment of its goodwill balance. The success of this ambitious plan will determine whether the RJRGleaner Group can navigate the digital transition and restore its financial health.