Three top executives at Nation Multimedia Group Plc (NMG) resigned yesterday to pave the way for changes at the company's board and possible management control by Keeree Kanjanapas, a major shareholder of BTS Group Holdings Plc.
The three executives are Pana Janviroj, president of international business affairs at NMG, Duangkamol Chotana, president and chief executive of NMG, and Adisak Limpa-rungpatanakij, president of Nation Broadcasting, which operates Nation TV, a digital news channel.
Mr Adisak said his resignation would lead to some changes at the company's board of directors but did not disclose any details.
"We decided to resign because we wanted to show our spirit after NMG had a poor financial performance last year," he said.
NMG posted a net loss of 1.1 billion baht on revenue of 2.18 billion last year, compared with 35.5 million baht in net profit and 3.16 billion in revenue in 2015.
Mr Keeree holds a combined 17.79% stake in NMG through 9.64% in Digital Sky Holdings Ltd and 8.15% in U City Plc.
An industry source said the three executives were forced to resign so that Mr Keeree and his group could join NMG's board and control management. Executives at News Network Corporation Plc, the largest single shareholder in NMG with 9.96%, declined to comment on the move.
NMG, the publisher of The Nation and Krungthep Thurakit daily newspapers, is struggling with the decline of print media, offering an early retirement programme to its staff twice since last year to lower costs as ad revenue plunges.
NMG operates two digital TV channels through subsidiaries: Nation Broadcasting Co runs Nation TV, and Bangkok Business Broadcasting Co manages Now 26 TV.
Earlier rumours were that NMG wanted to close Now 26, but Mr Adisak insisted that only fresh layoffs were planned. The group also does not plan to merge Nation TV and Now 26, he said.
NMG shares closed unchanged yesterday on the SET at 1.01 baht in thin trade worth 717,110 baht.
