Pierre Karl’s bloodlust continues…. Quebecor has cut 302 positions from Canada's second largest newspaper chain, Sun Media. Media watchers should not be surprised by the announcement, given the signs:
- the flagship paper, The Toronto Sun, has been hurt badly by the city's newspaper wars,
- Quebecor's stock has lost almost 50 per cent of its value 52-week high, and is worth less than it was when it took-over Sun Media in late-1998
- and the cuts were preceded by the resignation of the published two months prior and the appointment of a Montreal-based CEO. When similar moves happened at other Quebecor-owned companies (CANOE, NuRun, etc.), layoffs followed.
No matter how hard the company tries to convince the world it's a communications/media company, it continues to act like the old-school resource-based one it has been for the past thirty years.