OTTAWA, Sept. 2 /CNW/ - Postmedia, Canada's largest newspaper chain, has begun job reductions at newspapers already picked clean by the Asper's Canwest ownership days.
"This is appalling. The Paul Godfrey-led, U.S. hedge fund-backed new ownership is savaging Canada's foremost newspapers," says Peter Murdoch, Vice-President, Media, for the Communications, Energy and Paperworkers Union, Canada's largest media union.
"These newspapers are profitable enterprises. The Godfrey team appears more focused on returns to U.S. financial gamblers than building these vital newspapers."
CEP is looking into avenues to challenge whether or not the ownership of Postmedia is in fact Canadian.
"We were fearful of this outcome. The debt load is high and the investors are in another country, it was a recipe for the kind of irresponsible cost-cutting we are witnessing today," adds Murdoch.
"The union will be there to ensure workers are at least treated with a modicum of respect and fairness in this process. And we will be vigilant to ensure that those remaining are not carrying stress loads that endanger their health and journalism standards."
For further information: For further information:
Peter Murdoch, 905-516-5720