Canadian newspaper publisher, Postmedia Network, has announced aims to cut staff in an effort to reduce salary costs by 20%. Aiming to do this through redundancies, these cuts aren't the first that the publisher has made as they've also done the same in January. Losses have become commonplace with them, particularly in comparison with the previous year and so the chief executive of the publisher has made the statement: 'We must accelerate the transformation of our business operations to align our cost structure with our revenue outlook.'
- Seeking to reduce salary costs by 20% through voluntary redundancies
- In January, Postmedia cut 90 jobs and merged newsrooms in four cities
- The fourth-quarter loss totalled $99.4m (£61.3m) compared with a loss of $54m (£33.3m) in the same period a year ago
- Revenue for the quarter, which ended on 21 August, was $198.7m (£122.5m), down from $230.2m (£142m)
- Postmedia’s digital revenue rose by 0.8%.
- Over the full 12 months, the company said it lost $352.5m (£217.4m). That compared with a loss of $263.4m (£162.4m) in the previous year
What this article is able to get across is the fact that the decline of newspapers is a global issue. While it can be mistakenly assumed that this decline is only occurring in the UK and the US, as shown here other countries like Canada are also witnessing the impact that new and digital media is having on the newspaper industry, with changes having to be made to accommodate for this.
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