MONTREAL – Quebecor’s TVA Group announced today it is cutting 90 jobs as part of a plan to reduce operating costs in a challenging market.
In a release, the company said the job cuts, which represent 4.5% of its total staff, are necessary for the company to compete in what it says is a challenging market for advertising revenue for media outlets both here and abroad
In addition to a reduction of existing personnel, unfilled positions will be abolished and others will be eliminated through attrition, the release states.
“In order to preserve its leadership position in Quebec, protect its content quality, and maintain its investments, the TVA Group has an obligation to reduce its operating expenses,” TBA Group president and CEO Pierre Dion said in the release. “Unfortunately, this decision implies – among other things – a reduction in personnel. Given the upheavals that continue to affect the media industry, this type of rationalization plan is now inevitable.”
TVA Group reported a net loss of $5.9 million in the first quarter of 2013.
