Press release from Marketwire
To Preserve Its Leadership and Maintain Its Investments: TVA Group Announces Rationalization Plan
Wednesday, June 05, 2013
To Preserve Its Leadership and Maintain Its Investments: TVA Group Announces Rationalization Plan07:45 EDT Wednesday, June 05, 2013
MONTREAL, QUEBEC--(Marketwired - June 5, 2013) - Given the current economic context - which remains challenging for media outlets both here and abroad in terms of advertising revenue - the TVA Group (TSX:TVA.B) is announcing the implementation of a 5.0% operating-expense rationalization plan. The company believes it must take the necessary measures to preserve its industry leadership, protect its content quality, and maintain its investments.
Applying to all sectors of the company, the plan calls for the elimination of 90 jobs within the TVA Group, representing 4.5% of total staff. In addition to a reduction of existing personnel, unfilled positions will be abolished and others will be eliminated through attrition.
"In order to preserve its leadership position in Quebec, protect its content quality, and maintain its investments, the TVA Group has an obligation to reduce its operating expenses," indicated Pierre Dion, President and Chief Executive Officer of TVA Group Inc. "Unfortunately, this decision implies - among other things - a reduction in personnel. Given the upheavals that continue to affect the media industry, this type of rationalization plan is now inevitable."
A subsidiary of Quebecor Media Inc., TVA Group Inc. is an integrated communications company involved in the production, broadcast and distribution of audio-visual products, as well as in magazine publishing. TVA Group Inc. is North America's leading French-language magazine publisher and broadcaster of entertainment, news and public affairs programming, as well as one of the largest private production companies. Its Class B shares are listed on the Toronto Stock Exchange under the TVA.B symbol.
FOR FURTHER INFORMATION PLEASE CONTACT: