Torstar Corp.’s Toronto Star, Canada’s biggest newspaper, plans to cut 78 editing jobs, or about a fifth of its editorial staff, to reduce expenses by C$4 million ($3.8 million) annually.
The newspaper plans to contract out the jobs to Pagemasters North America, a unit of the Canadian Press news service, Editor-in-Chief Michael Cooke said yesterday in an e-mailed memo to the editorial staff.
Revenue at Toronto-based Torstar’s newspaper and digital units declined 13 percent in the third quarter to C$221 million as employment and real estate advertisements slumped during the recession. The units’ operating profit fell 52 percent to C$10.6 million.
Read Joe Schneider’s full article “Toronto Star to Cut 78 Editing Jobs, Save C$4 Million” in Bloomberg (November 24, 2009).