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Postmedia Network [TCO] has gone through another round in layoffs in just a month, this time cutting 40 employees after a number of its unions would not approve a temporary salary reduction to help reduce costs amid the COVID-19 pandemic, according to a memo sent to staff. Earlier in the month, Postmedia reported a nearly eight per cent drop in revenue for its second quarter, which ended February 29.
This week competitor TorStar announced it has been sold to a private company for $52M, maybe a similar outcome will happen with Postmedia Network.