Quebecor's Sun Media to cut 500 jobs

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...