In what ranks as one of the biggest news media layoffs in recent times, NewsX, the english news channel that was acquired by Indi Media Pvt. Ltd in January, has laid off 78 staffers, according to a company source. Indi Media—a company co-owned by journalist Jehangir Pocha and entrepreneur Vinay Chhajlani—acquired NewsX from INX News Pvt. Ltd, which was promoted by Peter and Indrani Mukerjea and backed by a clutch of private equity firms including Singapore government’s Temasek Holdings.

NewsX effected company-wide salary cuts in March and in a letter to employees, Pocha said the channel’s cost structure was “out of sync with reality”, in what many saw as an indication that drastic changes might be needed in months ahead. Three months’ salary was paid as severence to the retrenched employees. The channel still employs more than 300 people, a senior editor, who asked not to be named, said.

“When NewsX was purchased by IndiMedia in January this year, it was carrying the infrastructure and resources that were originally created to enable the launch of multiple channels. Since the acquisition, the new management has decided to focus on NewsX and streamline and strengthen its operations. All previous plans to launch multiple channels have been put on hold. This has made it imperative for NewsX to prune and right size its operations, both in terms of infrastructure and people,” a spokesperson for the company said in an emailed response.

NewsX is expected to relaunch soon with a new brand and on-air look. The channel has steadfastly remained at the bottom of the ratings chart under both promoters.