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.
10 comments:
I didn't know till yesterday it was the National Enquirer who was part of the parent company that bought Postmedia. Hope they go completely bust.
They shoot horses, don't they? Time to put this beast out of its misery, Mound.
I am disappointed at the hundreds of lost jobs from this mismanaged behemoth. It seems they won't stop until they hit rock bottom. The American owners seem intent on draining the last drop of blood from their investment.
At some point PM will stop trying to shop its papers as a chain and parcel them out as standalone newspapers. This happened with the Victoria Times Colonist. The paper improved markedly and so did its finances.
It's ironic to see Godfrey grovelling for handouts from Trudeau. If there was ever one man who epitomized the word "asshole" it has to be Godfrey.
Axe Black, Blatch, Corcoran, de Souza, Fulford, Ivison, Jonas, Kay, Kheiriddin, McParland, Murphy, Selley and Solomon, and you'd be well on your way to bringing sanity to the NatPo. Then pink slips to all columnists at the Sun.
Job done.
Cap
de Souza is now doing some incredible work for the National Observer. He broke the story about backroom meetings between the National Energy Board and various pipeline interests.
As for the rest, sure. Why did you leave out Lorne Grunter?
Media consolidation has lead to less opinion and less news.
This translates to less interest by the medias audience.
They have shot themselves in the foot.
I have little sympathy for the companies ;I pity the staff who have to suffer bad /greedy decision making..
TB
Well, this is what happens when you ladle utter pomposity and elitist views on the proles by telling them how they should behave from an authoritarian conservative perspective. Readers stay away in droves.
Meanwhile in other news, Canadian civil servants have been dispatched to tell the Walloons that if they know what's good for them, they'd better not derail CETA. So far, even with preaching/threats from the Canadian autocracy, Belgian pig farmers remain unimpressed while JT performs a tapdance of suppressed rage. Why won't those Belgians realize that hegemony is upon them and just give up?
BM
Spare Grunter?! No, my friend. I took care of him when I kicked all the Sun columnists to the curb.
Cap
The Toronto Star is worse. They occasionally pretend to be progressive but always end up supporting the neoliberal establishment agenda. When that POS bites the dust, I'm buying fireworks!
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