More on the CANOE cuts, which includes actually almost all the editorial people. Reuters says the “the sites will be used as a ‘showcase’ for Quebecor’s other media properties”. Why?
Because Quebecor believes the “general interest, free-for-all portal is not an economic model that will survive.”
For once the markets were less than impressed by the layoffs. Netgraphe dropped a penny to close at 23¢—well down from a high of almost $18 in the spring of 2000. Quebecor was down slightly, losing 0.17 to close at 24.68.