November 18, 2016 / 8:52 PM / a year ago

Canada's Postmedia says buyout process delayed to month-end

TORONTO (Reuters) - Postmedia Network Canada Corp (PNCa.TO) will take longer than expected to announce results of its latest buyout offer to employees, a spokeswoman for Canada’s largest newspaper chain said on Friday.

Toronto Sun and National Post newspapers are posed in front of a news stand in Toronto, October 6, 2014. REUTERS/Mark Blinch

The publisher of the National Post and a string of major city newspapers that include broadsheets and tabloids across Canada had said on Oct. 20 it was offering buyouts to all 4,200 of its employees as part of efforts to cut salary expenses by 20 percent.

It was not yet clear how many employees would take the buyout or whether the company would announce forced layoffs.

Postmedia has struggled with mounting financial losses as print advertising revenue has fallen. It had given employees until Nov. 11 to apply for a buyout and had said it would announce the results on Monday, Nov. 21.

It now expects to announce the job cuts by the end of the month, said Postmedia spokeswoman Georgia Sourtzis.

The company cut 90 journalists, or about 8 percent of its editorial workforce, in January as it merged tabloid and broadsheet newsrooms in Ottawa, Vancouver, Calgary and Edmonton.

Reporting by Alastair Sharp; editing by Diane Craft

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