By: (AP) The
National Post, which has lost an estimated $135 million in three years of publishing as one of Canada's two national daily newspapers, will cut 130 jobs and its weekend arts magazine in money-saving moves.
"Changes at the
National Post will go a long way to ensure the paper achieves profitability within a reasonable timeframe," Leonard Asper, president and chief executive officer of
National Post owner CanWest Global Communications, said Monday. "Decisive and swift action was needed to ensure the long-term viability of the newspaper."
Since it was started in October 1998 by international media owner Conrad Black's Hollinger group, the
National Post has lost an estimated $135 million despite building a solid readership by hiring top talent and promoting a conservative political agenda.
An inability to significantly increase advertising has been exacerbated by the North American economic downturn, and Black announced plans to sell his 50% stake in the newspaper to CanWest Global earlier this year. The deal is on track to be completed by March 2002, CanWest said.
CanWest said Monday's cuts were "in line with those planned to be implemented while the newspaper was under Hollinger management, and were developed and fully supported by
National Post management."
The 130 jobs eliminated, about 20% of the work force, came from all departments under a plan to scrap sections on local news, arts and entertainment, and weekend sections.
The
National Post and Canada's other national daily newspaper,
The Globe and Mail, compete with
The Toronto Star and
The Toronto Sun for readership and advertising revenue in one of North America's most competitive newspaper markets.
Shares of CanWest were off 61 cents to $7.69 in trading on the New York Stock Exchange.
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