Nine employees at 360 Production have lost their jobs after management was forced into making redundancies due to a reported lack of new commissions.
The innovative Derry Television company started in 2009 and quickly established itself as a major player in the industry.
It formed a reputable standing here in Northern Ireland and all across the UK with its quality of content.
It regularly made programmes for broadcasters like Sky, BBC and Channel 5 and has been credited with bringing many Northern Ireland produced content to a global stage.
However, the lack of new commissions have resulted in the company being forced to make cut-backs and that has sadly resulted in the loss of nine jobs this morning.
360 Production was bought out by a London based TV firm last year and moved its offices to a new science park at Fort George in the city.
Director Mark Wright was silent on how many staff had been made redundant and would not confirm or deny if nine staff had been let go.
However, sources close to Derry Daily believe that nine staff have had there contracts terminated.
Wright is adamant that they are committed to producing future content in the region, but many widely believe this is now impossible with nine redundancies as that is the majority of the workforce now gone.
The latest jobs loss is another blow to the local economy in Derry.
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