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Canada's CanWest media company cuts 560 jobs

Canada's CanWest media company cuts 560 jobs

CanWest Global Communications said Wednesday it plans to cut 560 jobs, or 5 percent of its work force, as the Canadian broadcaster and publisher reduces costs in the slowing economy.
The company, owner of the Global television network and the National Post daily newspaper, said the job cuts will reduce operating costs by $61 million Canadian (US$49 million) per year and involve voluntary buyouts, attrition and layoffs.
The latest cuts come on top of the elimination of several hundred jobs over the past two years.
CanWest cited the slumping economy and competitive pressures on the company's conventional TV operations.
Controlled by the Asper family, Canwest is an international media company with interests in television stations, newspapers and Web sites in Canada, Australia, New Zealand, Indonesia, Malaysia, Singapore, Turkey, the United Kingdom and the United States. It owns several big-city newspapers across Canada.
"We are implementing a number of initiatives that will provide savings that will allow us to better compete in the current economic environment, without compromising our core products and services," CEO Leonard Asper said in a statement.
CanWest said about 210 jobs will be cut through a restructuring of news operations at Canwest Broadcasting's E! stations. Canwest Publishing will lose about 350 positions, in part through a restructuring of its community newspaper group and through cuts in web operations at some newspapers.
Asper said the money-losing National Post will make changes to accelerate its ride toward profitability by focusing on its profitable markets and reducing deeply discounted circulation.


Updated : 2021-10-17 14:19 GMT+08:00