Sun Media cutting 600 jobs (CBC)
Quebecor-owned Sun Media said Tuesday it is cutting 600 jobs in Ontario, Quebec and Western Canada.
The company said the cuts, which are mainly expected to be made by the end of this year, work out to about 10 per cent of the workforce, excluding mailroom staff.
Sun Media blamed the cuts on the effect the soft economy is having on its print media revenue, coupled with a shift toward more free content on the internet.
"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 CEO of Quebecor.
"This decision in no way changes our commitment to our publications, our readers and our advertisers," he said in a release.
The company said the cuts are expected to result in restructuring costs of approximately $14 million.
Sun Media has 43 paid-circulation and free dailies in Canada's major urban markets, plus more than 200 community newspapers, shopping guides and other publications.
Yea, PK, that's the way to handle increased competition.