Wednesday, November 02, 2016

TVA Group to close two titles as part of Quebecor Media's 220 job cuts

The Quebecor Media Group has announced that it will be cutting 220 jobs, or nearly 8 per cent of its workforce. Some 125 of those jobs will be at the TVA Group Inc. and the magazine division will cease publication of two magazines: CHEZ Soi and Tellement bon. TVA Group is one of the largest broadcasters and publishers of French content in North America.
“In Quebec as elsewhere in the world, our industry is facing ongoing disruption,” Julie Tremblay, chief executive of Quebecor Media Group and TVA Group Inc, said in a statement. "We have therefore taken a number of initiatives over the past two years to adapt to the changes, including the creation of Quebecor Media Group, an integrated media company, and the acquisition and sale of various properties. Today it is clear that we must continue our transformation in order to further adjust structural costs and become more agile."  
Tremblay did not say what the likely cost of restructuring would be or what savings would result.

The cutbacks parallel the announcement in September that Rogers Communications Inc. will stop publishing four of its magazines in the new year and sell all of its French language and business-to-business publications. 

The TVA Group reported a $32.5 million net loss in the third quarter. 

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