Canadian Publishing Industry News
20 November 2020,     VANCOUVER
More cuts for Postmedia in B.C
 
 
Postmedia is instituting more cuts at the Vancouver Sun and The Province newspapers telling staff it wants to reduce salary expenses by 15 per cent either through voluntary buyout programs or layoffs. No information was released about how many employees the cuts would affect.
 
This is the latest cut announcement from the company, which made other reductions earlier in the year. Postmedia’s compensation expenses fell to just under $80 million from $151 million for the year ended August 31.

At that time, the newspaper chain reported a year-over-year loss of $16.2 million, compared to a loss of $6.3 million in 2019.

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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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