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Tuesday, December 16, 2008

sun media cuts 10% of jobs..

From GoogleNews

Canada's biggest newspaper publisher, Sun Media, said Tuesday it will cut 600 jobs or about 10 percent of its work force as it restructures operations in the face of harsh economic conditions.

The chain's owner, Montreal-based media giant Quebecor Inc., said the vast majority of cuts will occur before the year is finished — meaning hundreds will be laid off during the holidays.

Quebecor said the cuts are a response to a major shift in the print media industry driven by the growing availability of free access to media and changing readership habits as audiences flock to the Internet. The company said the economic slowdown, rising costs and falling advertising revenue also were major factors.

"The speed at which the current economic environment is deteriorating forces us to make difficult decisions at this time of the year," Pierre Karl Peladeau, President and Chief Executive Officer of Quebecor, said in a statement.

Sun Media said the moves will cost about $14 million.

Sun Media owns 43 paid-circulation and free dailies in Canada's urban markets and more than 200 community newspapers, shopping guides and other specialty publications. Its newspapers include the Toronto Sun.