The National Post, the flagship newspaper of troubled Canadian media company CanWest Global Communications Corp. (CGS:TSX), has decided not to publish a Monday edition for nine weeks this summer in an attempt to cut costs, Reuters reported.
The news service quoted a company spokesman Wednesday as saying the new schedule would begin early in June. The company is not planning layoffs or changes in content.
The move is CanWest's latest attempt to trim expenses amid a sharp advertising downturn. The company, which owns big-city daily newspapers and the Global TV network, has already cut 560 jobs across the company and reduced the National Post's print presence in parts of western Canada.
CanWest is wrestling with creditors including banks and noteholders in hopes of restructuring roughly C$4 billion ($3.4 billion) of debt that it is carrying on its balance sheet. Its shares have fallen 94% to C$0.26 in the past year, giving it a market capitalization of C$46 million.
The company has said it will continue to work on reducing operating costs across the board as well as look at opportunities to divest noncore assets, said Reuters. It is considering selling five TV stations and has agreed to sell its stake in sports broadcaster Score Media. It has already sold the New Republic magazine in the U.S. to a group of private investors. - Peter Moreira
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