CTV cuts 105 jobs as advertising market falters

Thu Nov 27, 2008 3:06pm EST
 
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TORONTO (Reuters) - Canadian television broadcaster CTV is cutting 105 jobs, a spokeswoman said on Thursday, making it the latest media company to reduce staff as the advertising market falters.

It wasn't immediately clear what portion of CTV's overall workforce the layoffs represent, or what areas were affected.

CTV is made up of the national CTV network, as well as specialty channels such as Business News Network and MuchMusic. It is owned by CTVglobemedia, a privately held media group that also publishes the daily Globe and Mail national newspaper.

CTVglobemedia is in turn owned by BCE Inc, Torstar Corp, the Ontario Teachers Pension Plan and the Woodbridge Co., which is the investment vehicle of Canada's billionaire Thomson family.

The CTV layoffs come about two weeks after rival Canwest Global Communications Corp announced it would cut 560 jobs, including 210 at its broadcasting operations, to slash costs and cope with the slowdown.

As the economy hits the skids, many companies are expected to cut their advertising budgets, which in turn doesn't bode well for media groups like Canwest and CTVglobemedia.

(Reporting by Wojtek Dabrowski; Editing by Frank McGurty)