Postmedia Network Canada Corp. says it intends to reduce staffing costs again as the company reports lower revenue and a deeper quarterly net loss. The company, which currently has about 4,000 employees, says it plans to cut costs through staff buyouts over the next few weeks, adding that layoffs are possible if its target isn't met. "It's been a continuing trend, all driven by the fact that advertising revenue keeps falling, and that's what covers the costs of a lot of newspapers." For its full financial year, Postmedia lost $352.5 million, or $1.25 per share, on revenue of $877.2 million. In the previous year, it lost $263.4 million, or $1.98 per diluted share, on $750.3 million in revenue.

Source: CBC News October 20, 2016 17:47 UTC