BUSINESS

Groupe TVA cuts 90 jobs across all its departments, cites market conditions

06/05/2013 09:16 EDT | Updated 08/05/2013 05:12 EDT
MONTREAL - Groupe TVA (TSX:TVA.B) says it will cut 90 positions or 4.5 per cent of its workforce, citing difficult advertising conditions for the media industry.

The subsidiary of Quebecor (TSX:QBR.B) says the cuts are part of an overall plan to reduce operating expenses by five per cent and will apply to all departments.

The reductions will include current employees and vacancies.

Groupe TVA president Pierre Dion says the plan is necessary given the ongoing uncertainty in the media industry.

The company is a television broadcaster and magazine publisher.