Thursday, October 20, 2016
Merry Christmas, Posties.
Santa is coming to PostMedia this year and he's bringing an axe.
PostMedia has announced that it will cut "staffing costs" by 20%, this time around. That will be done by a mix of voluntary buyouts and layoffs.
4,000 employees by 20% equals about 800 jobs, more or less.
The media company said the job reductions will come from all levels and operations across Postmedia, adding that staff will have until Nov. 8 to apply for the buyouts.
Postmedia announced 90 job losses in January as it merged newsrooms in some cities.
The business said its fourth-quarter revenue declined to $198.7 million from $230.2 million in the same quarter last year. The company blamed lower advertising revenue and circulation revenue from its print division for the drop, while its digital revenue rose by 0.8 per cent.