Canadian Magazine Industry News
8 May 2008,     TORONTO
Source Interlink Media shuts Toronto office, lays off 17 staffers

Source Interlink Media has closed its Peter St. office and moved execution of three Toronto-based automotive titles (Modified, Modified Luxury & Exotics and Modified Mustangs) to its Los Angeles and Tampa offices. As a result, 17 staffers are out of the job. Peter Tarach (editor, Modified), Colum Wood (editor, MLE) and Huw Evans (editor, Modified Mustangs) remain at the helm of the titles, working out of home offices. An ad sales representative also remains in Canada.

A downturn in the automotive industry, the U.S. recession and the strength of the Canadian dollar were among the reasons given for the move, according to one source. The former employees all received benefits packages based on the length of their employment.

Source Interlink, primarily a magazine distribution company, acquired the automotive magazines in the spring of 2007, when it purchased Primedia Inc.'s Enthusiast Media division for $1.2 billion. This came shortly after Primedia bought the magazines from VerticalScope Inc., in February 2007. All three magazines have primarily American readerships.

Source Interlink Media no longer has any properties based in Canada.

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— M.U.
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