01/25/2017 06:48 EST

Paul Godfrey, Postmedia CEO, Blames Google And Facebook For Struggling Newspapers

The company cut 15 positions at the Ottawa Citizen and Montreal Gazette this week.

Postmedia CEO Paul Godfrey says digital giants like Google and Facebook are to be blamed for print media's downfall.

"Newspapers worldwide and especially in North America, vices are being tightened on them because print ad revenue is quickly disappearing," Godfrey said in an interview with Bloomberg TV Canada's Amanda Lang that was published Wednesday.

"And although we're all in the digital world — you know, you have to be — it is almost impossible to compete with Google and Facebook."

The comments were made the same week Godfrey's company cut 15 positions at the Ottawa Citizen and Montreal Gazette.

Paul Godfrey poses outside the Postmedia offices in Toronto in 2015. (Photo: Andrew Francis Wallace/Toronto Star via Getty Images)

Postmedia is set to reduce its workforce by 20 per cent this year, on top of the 3,000 jobs it has slashed in the past six years.

The struggling company posted a first-quarter profit after 15 straight quarterly losses, thanks to debt restructuring and savings from the job cuts, the Toronto Star reported last week.

In December, Godfrey's contract was extended until 2020. He also received a $900,000 "retention bonus" last year, according to CBC News.

Watch Godfrey's interview above.

With files from The Canadian Press

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