Postmedia Cuts 11% Of Workforce As Newspapers Struggle| MENAFN.COM

Tuesday, 31 January 2023 03:19 GMT

Postmedia Cuts 11% Of Workforce As Newspapers Struggle


(MENAFN- Baystreet.ca) Postmedia Cuts 11% Of Workforce As Newspapers Struggle

Canadian publisher Postmedia Network (PNC.A) is cutting 11% of its editorial staff as its chain of newspapers struggle with declining circulation and advertising revenue.

The Toronto-based company, which owns publications such as The National Post, Vancouver Sun and Edmonton Sun, employs about 650 journalists and editors across Canada.

Postmedia said all of its newspapers are being impacted by the job cuts.

The workforce reduction comes days after the company announced that it sold The Calgary Herald newspaper's building and moved a dozen of its Alberta community newspapers to a digital-only publication format.

On January 12 of this year, Postmedia reported financial results that showed its advertising revenue declined 5.9% from a year earlier to $4.1 million, and its circulation revenue decreased 5.4% to $2.3 million from a year ago.

In all, Postmedia reported a net loss for its latest quarter of $15.9 million, which was 261% greater than a net loss of $4.4 million announced in the same period a year earlier.

Postmedia's stock is currently trading at $1.70 per share.

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