Sun Media Announces Workforce Reductions
17 12월 2008 - 12:45AM
Marketwired
As a result of the fundamental transformation under way in the
newspaper industry in recent years and the accelerated
deterioration of economic activity affecting its print media
revenue sources, Sun Media Corporation, Canada's largest publisher
of newspapers, has announced that it will reduce its workforce by
approximately 600 full-time equivalent positions as part of a major
restructuring of its operations in Western Canada, Ontario and
Quebec. The staff reductions, the vast majority of which will occur
by the end of the year, represents about 10% of the Company's
workforce, excluding mail room operations, for which staff count
fluctuates based on volume.
This initiative is expected to result in restructuring costs of
approximately $14 million.
This move is in response to major changes affecting the print
media industry worldwide, driven by the growing availability of
free access to media, changing readership habits as audiences move
to the Internet, the advent of real-time information and digital
transferability. The economic slowdown, rising costs and falling
advertising revenues were also factors in the decision, which will
help secure Sun Media's future.
"The speed at which the current economic environment is
deteriorating forces us to make difficult decisions at this time of
the year," said Pierre Karl Peladeau, President and Chief Executive
Officer of Quebecor. "This decision in no way changes our
commitment to our publications, our readers and our advertisers. We
will continue to invest in the business. We have a responsibility
to offer Canadians the type of news coverage they are entitled to
expect from the country's largest newspaper publisher, which is to
say high-quality journalism focused on local news and exclusive
features that meets changing consumer needs and habits."
"The news industry is being revolutionized and we have to adapt
if we want to remain an industry leader. We need to build a
presence and build our brand in the digital universe and we need to
do it as quickly as possible. We have to let customers get the
information they want on the platform of their choice," added Mr.
Peladeau.
Sun Media Corporation
Sun Media Corporation, a member of the Quebecor family of
companies, is Canada's largest newspaper publisher. With 43
paid-circulation and free dailies in Canada's key urban markets and
more than 200 community newspapers, shopping guides and other
speciality publications, Sun Media's English- and French-language
papers are leaders in providing local news and information to more
than 10.5 million readers every week. Sun Media Corporation is also
involved in the operation of SUN TV, a general-interest television
station in Toronto, and provides a range of commercial printing and
related services as well as distribution for newspapers, flyers and
magazines. For additional details, visit our parent company's
website at www.quebecor.com.
Contacts: Quebecor Media Inc. Isabelle Dessureault Vice
President, Public Affairs 514-380-7501
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