Source: Globe and Mail
The Canadian Press is cutting 25 employees as the national news service restructures itself to trim costs. The restructuring is part of a plan that has seen CP get federal permission to suspend its pension contributions for 2009 through 2011, to alleviate financial pressure on the operations. Started by an Act of Parliament nearly a century ago, CP grew into a national wire service that exchanged news stories between newspapers for decades. However, large news organizations such as CanWest Global Communications Corp. and, most recently Quebecor Inc., have decided to pull out of the co-op, choosing to operate news services of their own, which has impacted CP's revenues. The job cuts are equal to eight per cent of CP's work force. Staff will be offered buyouts, which will be followed by layoffs if required, according to an internal memo.
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Globe and Mail