Major Canadian TV Network Cutting Jobs Amid Drop In Advertising Income

Toronto, Ontario (AHN) - One of Canada's major television networks announced on Tuesday plans to reduce its manpower due to declining advertising revenues. CTVglobemedia Incorporated chief executive officer Ivan Fecan, in a memo to the station's staff, said it will discuss cost cutting measures to be implemented in response to the economic slow down.

Fecan said among the measures the station is considering are lay offs, free hiring, cutting of jobs and reduction in discretionary expenses. He is scheduled to discuss the proposal with employees on Wednesday.

CTV's decision followed the announcement last week by its competitor, CanWest Global Communications Corporation, of plans to cut 560 jobs to save $61 million a year. Fecan said he decided to meet the employees so they will hear first hand the news concerning the cost cutting steps instead of knowing about it from rumors.

CTVglobemedia also owns the daily Globe and Mail and Chum radio.