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TORONTO, Nov. 12 (UPI) -- Canada's Canwest Global Communications Corp. said Wednesday it is downsizing, eliminating about 560 jobs in an effort to save $61 million a year.
The company said in a news release that the cuts, necessitated by the "current economic environment" and "structural challenges," will be achieved through voluntary buyouts, attrition and layoffs, Canwest reported.
Hardest hit will be the company's television and newspaper operations.
"Although it was a very difficult decision to implement staff reductions, we believe that these actions are required to enable Canwest to maintain its strength, build market position and be ready at the first sign of an economic recovery," Chief Executive Officer Leonard Asper said in a statement. "It will not impact our strategy to invest in growth media like digital online, mobile and specialty channels."
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