CTV cuts 105 jobs amid advertising slowdown

Thu Nov 27, 2008 4:45pm EST
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By Wojtek Dabrowski

TORONTO (Reuters) - 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.

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.

"Virtually all of these positions are in Toronto," Dawn Fell, executive vice-president of human resources and operations at CTVglobemedia, said in an e-mailed statement. "No further reductions will be taken for the balance of this year."

The CTV cuts come about two weeks after rival Canwest Global Communications Corp announced it would eliminate 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)