The Observer Media Group (OMG), based in Antigua, is changing ownership as of the 1st of December, 2018.
Antigua newsroom, an online publication, reported that the OMG has informed its staff that the company will cease operations on November 30, 2018 and that approximately 60 employees will lose their jobs.
However, Dominica News Online (DNO) has learned from a source close to the OMG that the company is being sold to staff members.
“We are just transitioning from one company to another,” our source stated. “Everything stays the same.”
We were told that the new company plans to keep every staff member who wants to stay on. However, according to our source, some employees may opt to take the severance packages being offered by the OMG.
According to Antigua Newsroom, Observer Media Group, plagued with financial issues and litigation, has had a bumpy ride since its two founders – brothers Samuel ‘Fergie’ Derrick and Winston Derrick died – the latter in 2013.
In January, the Caribbean News Service reported that Observer Media Group had announced the sale of a majority of its shares in the Daily Observer Ltd. and Observer Radio Ltd.
According to that report, the announcement came “against the background of an apparent cash crunch at the nedia organization.”
However, this was short-lived as the Eastern Caribbean Securities Regulatory Commission (ECSRC) intervened and deemed the offer illegal. Among reasons given for that decision by the ECSRC was the OMG’s inability to publish its audited accounts.
Georgia Derrick, the late Winston Derrick’s daughter, the day after the announcement was made, had cautioned the public not to purchase shares.
Observer Media Group had reportedly failed to inform potential buyers of the risks involved in purchasing shares and the fact that they were not going to benefit from returns.
The Observer Media Group operates The Daily Observer, Observer Radio and Hitz FM and according to DNO’s source, all three entities will remain operational.
Observer Radio began broadcasting in 2001.The Daily Observer Newspaper printed its final copy in August this year, moving to free online edition for its many readers who previously paid a subscription fee.
Two Dominicans are currently employed with the Media Observer Group.
“According to Antigua Newsroom, Observer Media Group, plagued with financial issues and litigation, has had a bumpy ride since its two founders – brothers Samuel ‘Fergie’ Derrick and Winston Derrick died – the latter in 2013. ”
Sad to learn of their transition out of this life; I knew them both, very nice people they were. At age twenty-one I worked with their brother Vincent Tubby Derrick, who apart from being employed by him served as a mentor in my life; apart from my grandmother, and my personal ambitions, Vincent Derrick is partly responsible for my successes in life.
I hope he is yet alive, and well.
He is very much still alive.
Thanks for that little bit of info: glad to know he is still here.
Great man: I have every respect for the man; in all the people I know who ever work for him, I’ve never heard a single person complain about bad working condition, or not being paid well, that was a long time ago, but he is one person I will remember whim I am in this life.
Again thanks for letting me know he is still alive.