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Wednesday, November 30, 2011

Sun sets on some

Chris Davis

Reports are coming in from all over Canada that Sun Media is in the process of slashing around 400 jobs.  Pierre Karl Peladeau's Quebecor Inc. holds a nearly 55 per cent stake in Quebecor Media Inc.  Quebecor is a holding company that owns papers in Toronto, Calgary, Edmonton, Winnipeg and Ottawa, as well as many weeklies in southern Alberta, including the Pincher Creek Echo, the Nanton News, the High River Times, and the Crowsnest Pass Promoter.  The Sun News 24-hour news channel was launched last year, and has reportedly performed far below expectations.


One Twitter user, purportedly a Sun insider,  said 20 employees had lost their jobs at the Calgary Sun newspaper, with more cuts to come in rural Alberta.  Another Sun insider said there were 27 layoffs at the Edmonton Sun operation.  Pre-press work at the Tornonto Sun is now being done in India.  The Sun chain's last big round of cuts saw 600 jobs eliminated just prior to Christmas, 2008.

It has been reported that around 200 vanishing positions are being eliminated through buyouts, another 100 or so through attrition, and another 100 or so through layoffs.

In its most recent quarter, Sun Media reported an almost 69 per cent drop in earnings.   Reportedly, the organization has been hurt by lower circulation figures and by clients moving to internet-based advertising.

Quebecor representatives have so far refused speak with the media about the layoffs.



Sources:
www.more1039.ca
local2.ca
torontosunfamily.blogspot.com
www.financialpost.com

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