Globe and Mail plans for cutbacks

Posted by Erina Lin on January 13, 2009 at 7:58 PM

The Globe and Mail plans to cut 80 to 90 jobs, or 10 percent of employees, according to Publisher and Chief Executive Officer Phillip Crawley, Bloomberg reported.

The move is being made to reduce costs and offset the loss of advertising sales.

The Toronto-based paper will begin offering buyout packages to its staff in the next few weeks. Firings may be possible if too few accept the buyouts, Crawley told the Globe.

The Globe, owned by CTVglobemedia, expects its ad revenue to be down about C$40 million (US$33.6 million) this fiscal year, Bloomberg reported.

Other Canadian media companies have already announced job cuts. Canwest Global Communications Corp., the biggest media company in the country, announced it would eliminate 560 jobs in November 2008.