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Postmedia CEO Paul Godfrey (Darren Calabrese)
Postmedia CEO Paul Godfrey (Darren Calabrese)

National Post offers employee buyouts Add to ...

The buyouts at Postmedia Network have now extended to its flagship publication, the National Post.

Applications by employees interested in accepting buyouts are due at the end of this week and management will decide which applications to accept, according to an internal memo sent to all staff at the Post last Friday.

The buyouts are part of "an effort to bring our cost structure in line with a changing business model," the memo said.

The program offers employees three weeks of pay for each year on the job, with a maximum of $125,000.

The buyouts at the Post follow similar offers at other Postmedia papers. Memos were sent out earlier this month to employees at the Victoria Times Colonist, The Ottawa Citizen, The Vancouver Sun, the Vancouver Province and the Montreal Gazette. In addition to those buyouts, there have been layoffs: 20 jobs were cut at the Edmonton Journal and 30 at the Calgary Herald, according to sources close to the matter who spoke about the cuts in early September.

The Post is "going through the same process the other 10 major newspapers are doing," Postmedia chief executive officer Paul Godfrey said in an interview on Tuesday. He confirmed that the chain's 35 smaller community newspapers are also looking at cutting costs. Postmedia executives are preparing for a board meeting next week to discuss budgets for 2011. The company's fiscal year began Sept. 1.

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