Canwest to trim 5% of its workforce
Canwest Global Communications Corp. said it would trim about 560 jobs, or about 5 percent of its workforce, over the next few months in an effort to trim operating costs by about $61 million CAD ($49 million U.S.).
Initially the media giant will manage reductions through voluntary buyouts and attrition. The cuts are expected to impact print and broadcast operations -- but not its digital businesses, as Canwest continues to morph more of its revenue-generating operations online.
The company pointed to the "current economic environment" as the culprit - but also said it was making structural changes in its television business to maximize operating efficiencies.
"Having completed an assessment of our Canadian operations and, after careful consideration, we are implementing a number of initiatives that will provide savings that will allow us to better compete in the current economic environment, without compromising our core products and services," CEO Leonard Asper said. "It will not impact our strategy to invest in growth media like digital online, mobile and specialty channels."
The company intends to cut about 350 jobs in Canwest Publishing and about 210 jobs in Canwest Broadcasting. Several hundred jobs have been eliminated over the last two years.
