Postmedia drops publishers

Source: theglobeandmail.com

Postmedia Network Inc. is trying to stanch losses by eliminating the publisher position at its chain of 10 newspapers, which includes the National Post, the Montreal Gazette, and the Ottawa Citizen.

A staff memo issued Tuesday afternoon by Paul Godfrey, Postmedia’s president and chief executive officer, said the company’s business operations are being reorganized into three regions, with all editorial functions overseen by the senior vice-president of content, Lou Clancy.
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Postmedia loss deepens

Source: theglobeandmail.com

Losses deepened at Postmedia Network Canada Corp. in the last quarter, as national and classified advertising in its newspapers continued to decline.

The publisher –which owns such big-city metros such as the Ottawa Citizen, Montreal Gazette and Calgary Herald in addition to the National Post – said it lost $14.2-million in its second quarter, compared with $11.1-million a year ago.

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Postmedia first to test new rules on pensions

Source: theglobeandmail.com
Postmedia Network Inc. is asking current and former employees to help the embattled newspaper publisher save some millions of dollars a year by extending the amount of time the company has to top up their pension fund.

The company – which publishes such metropolitan titles such as the National Post, Ottawa Citizen and Calgary Herald – is taking advantage of rules that were quietly implemented Nov. 1 in Ontario that allow companies incorporated in the province to fully fund their pension shortfalls in 10 years rather than five.

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Tentative deal at PNG

Source: mediaunion.ca

A tentative four-year deal has been reached between Local 2000 and Pacific News Group covering all unionized employees of the Sun and Province newspapers.

“This was a very hard round of bargaining because of the difficult financial condition of the company and the troubled state of the newspaper industry,” said Local President Mike Bocking. “The agreement reached is the best possible under the circumstances.”

There will be no wage increase in the first three years of the contract, which expired Nov. 30, 2010, and a 1% raise on Dec. 1, 2013.

Complete details of the agreement will be released at chapel meetings Thursday and at an information meeting Sunday, July 22, 11 a.m. at the Metrotown Hilton hotel. Voting will follow immediately after the meeting.

Final details on voting will be announced tomorrow.

Update on Citizen staff reductions/layoffs

No layoffs.

The Guild and the Ottawa Citizen signed an agreement July 5. The company has accepted buyout requests from 28 Guild members, and has agreed that no one will be laid off as part of the current job-reduction program.

The affected Guild members number as follows: 22 Editorial Department; 4 Building Services Department; 2 Reader Sales & Service Department.

Thanks to everyone for your suggestions and support.
If you have any questions, feel free to talk to any executive member.

ONG Executive Committee

MEDIA ADVISORY – CWA Canada urges Postmedia to invest in quality, not slash jobs

 

OTTAWA – CWA Canada is urging Postmedia to follow the example of legendary billionaire investor Warren Buffett and invest in quality journalism rather than slash yet more jobs.

Postmedia revealed today that it is cutting dozens of editorial jobs at some of its newspapers as part of broader plan to improve its financial outlook. The company continues to struggle with declining print advertising revenue and a heavy debt load.

CWA Canada, the union that represents journalists at Postmedia newspapers the Ottawa Citizen, Montreal Gazette and Regina Leader Post, maintains that cutting jobs is the wrong strategy and will only make things worse in the long run.


“We understand that Postmedia is facing financial challenges, but we believe the company can only turn things around by investing in its product rather than by cutting jobs,” CWA Canada Director Martin O’Hanlon said. “If we’ve learned anything over the last few years, it’s that cutting jobs only hurts quality, and that does nothing to attract readers or generate revenue.”
O’Hanlon said Postmedia should borrow a page from Buffett who is busy buying newspapers and committing to quality journalism.

O’Hanlon also emphasized that the cuts carry a big personal and community toll. Dozens of fine journalists will soon be out of work, hurting them, their families and the communities in which they live and contribute.

CWA Canada is the country’s only media-specific union, representing nearly 7,000 workers at companies such as the CBC, The Canadian Press, Reuters, and newspapers coast to coast.

For more information, contact:

Martin O’Hanlon
Director, CWA Canada
(613) 820-8460

Bleak day for journalism’ as Postmedia slashes dozens of jobs

Source: cwa-scacanada.ca

Postmedia is slashing dozens of editorial jobs at the Montreal Gazette and Ottawa Citizen, which will also cease publication of its Sunday paper in July.

“It’s a pretty bleak day for journalism,” said a dispirited Debbie Cole, president of the Ottawa Newspaper Guild, which will lose 20 members to buyouts and layoffs.

Martin O’Hanlon, Director of CWA Canada, which represents journalists at the two targetted newspapers as well as the Regina Leader Post, said cutting jobs is the wrong strategy and will only make things worse in the long run.

“We understand that Postmedia is facing financial challenges, but we believe the company can only turn things around by investing in its product rather than slashing jobs,” O’Hanlon said. “If we’ve learned anything over the last few years, it’s that cutting jobs only hurts quality and that does nothing to attract readers.”

“It’s interesting to note that while Postmedia focuses on cutting costs to service a huge debt, (legendary investor) Warren Buffett is busy buying newspapers and committing to quality journalism.”

In a $142-million bet on the U.S. print industry, Buffett’s Berkshire Hathaway is buying 63 daily and weekly newspapers from Media General.

In a letter to publishers and editors, Buffett said newspapers will be successful if they do a good job of covering their communities and producing local news that cannot be found on the Internet.

Postmedia, meanwhile, continues an austerity program that began shortly after purchasing the bankrupt Canwest Media newspapers. CEO Paul Godfrey, in a memo circulated today, said even more editorial production will be done at the company’s facilities in Hamilton.

This means, said Cole, that copy editors are likely to take the brunt of this latest round of cuts.

“This isn’t just bad for our members. It’s bad for the paper,” said Cole. “If you don’t invest in your product, how are you going to sell it?”

O’Hanlon said in a news release that such job cuts carry a personal and community toll. “Dozens of fine journalists will soon be out of work, hurting them, their families and the communities in which they live and contribute.”

TEXT-S&P revises Postmedia outlook to negative

Source: reuters.com

(The following statement was released by the rating agency) Overview — We are revising our outlook on Toronto-based Postmedia Network Inc. to negative from stable based on the company’s weaker-than-expected operating performance in the second quarter ended Feb. 29, 2012. — We are affirming all our ratings on the company, including our ‘B’ long-term corporate credit rating. — The negative outlook reflects Standard & Poor’s view of the ongoing challenges Postmedia faces with revenue and profitability declines given difficult industry fundamentals.

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