Thursday, October 20, 2016

Postmedia reports wider loss, plans more job cuts

Postmedia Network Canada Corp. said Thursday that it plans to reduce its salary costs by 20 per cent through voluntary staff buyouts, adding that layoffs are possible if its target isn’t met, as the media company announced its net loss for its most recent quarter nearly doubled.
The company says staff have until Nov. 8 to apply for the buyouts. The cuts will come from all levels and operations in the company.
Postmedia announced the cost-cutting measure as it reported a fourth-quarter loss of $99.4-million or 35 cents per diluted share. That compared with a loss of $54.1-million or 19 cents per diluted share for the same period a year ago. Revenue for the quarter ended Aug. 21 totalled $198.7-million, down from $230.2-million.

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