Sun Media Announces Restructuring Initiatives for Sustainable Growth
November 13 2012 - 9:30AM
Marketwired
Sun Media Corporation announces today the elimination of
approximately 500 positions throughout its organization including
the closure of two 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.
"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 Peladeau, President and CEO of Sun
Media. "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," added Mr. Peladeau.
"Sun Media Corporation's commitment to its publications,
customers, advertisers and employees remains unchanged. We will
continue to deliver quality content, with local presence, and
maximum value to our advertisers. We very much regret the impact
that this has had on employees who are departing our organization
and would like to thank them for their contribution. We wish them
all well," concluded Mr. Peladeau.
Sun Media Corporation
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. With 36 paid-circulation daily newspapers and six free
dailies in nine of the 10 largest urban markets in Canada, each
with its own dedicated website, and almost 200 community
newspapers, shopping guides and other specialty publications, Sun
Media Corporation's English and French language newspapers and
websites make it a leading provider of local news and information.
Sun Media Corporation includes the activities of Osprey Media and
Canoe.ca, an integrated enterprise offering e-commerce, information
and communication services that operates a network of Internet
portals that attracts over 10.5 million unique visitors per month
in Canada, including 5.7 million in Quebec. Sun Media Corporation
also provides a range of commercial printing and related services
as well as distribution services for newspapers, flyers and
magazines.
Contacts: Martin Tremblay Vice President, Public Affairs
Quebecor Media Inc. 514.380.1985martin.tremblay@quebecor.com
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