OTTAWA, Nov. 13 /CNW Telbec/ - CanWest should divest itself of some of
its media holdings rather than its employees, says Canada's largest media
That reaction from Peter Murdoch, Vice-President, Media for the
Communications, Energy and Paperworkers Union of Canada, to yesterday's
announcement that CanWest Global Communications will cut 560 jobs to save $61
million a year.
"CanWest is a company too heavily burdened by debt to meet the challenge
of a recession, says Mr. Murdoch.
"The Aspers should consider their employees, consumers, advertisers and
shareholders and sell off their properties.
"CanWest, Canada's largest media company, now has its stocks trading for
pennies not dollars. As with financial institutions south of the border, it is
a victim of its own greed. There will be no bail-out, it needs to sell to have
any hope of riding the ship.
"Notwithstanding the financial crisis, this company's problems are
largely of its own making - the result of very bad financial decisions, which
workers are now paying for."
CEP represents more than 25,000 newspaper and broadcast employees across
For further information: Peter Murdoch, (905) 516-5720