November 13, 2012 09:30 ET
MONTREAL, QUEBEC--(Marketwire - Nov. 13, 2012) - 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 Péladeau, 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. Péladeau.
″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. Péladeau.
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 Québec. Sun Media Corporation also provides a range of commercial printing and related services as well as distribution services for newspapers, flyers and magazines.
Martin TremblayVice President, Public AffairsQuebecor Media Inc.email@example.com
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