MONTREAL – Sun Media Corporation said today it is eliminating approximately 500 positions throughout its organization including the closure of two newspaper production facilities in Ottawa and Kingston.
“These and other optimization initiatives that will be implemented in the coming months are expected to deliver more than $45 million in annualized cost savings,” reads the press release. It’s not clear if the cutbacks affect the company’s small Sun TV News division.
″This restructuring is regrettable but warranted by changes in our industry which force us to align our cost structure with the new reality,″ said Pierre Karl Péladeau, president and CEO of Sun Media, in the release. ″With the recent announcement of a major strategic redesign of Sun Media’s organizational structure, the restructuring further streamlines and optimizes the organization’s operations. By doing so, Sun Media Corporation is proactively leading the way to ensure long term success,″ he added.
Sun Media Corporation, a subsidiary of Quebecor Media Inc., is Canada's largest newspaper publisher, based on the circulation of paid and free newspapers, publishing over 15.1 million copies each week: 36 paid-circulation daily newspapers and six free dailies in nine of the 10 largest urban markets in Canada, each with its own dedicated web site, and almost 200 community newspapers, shopping guides and other specialty publications.
