Sun Media Announces Restructuring Initiatives for Sustainable Growth
MONTREAL, QUEBEC -- (Marketwire) -- 11/13/12 -- 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.
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.
Vice President, Public Affairs
Quebecor Media Inc.
Press spacebar to pause and continue. Press esc to stop.