Global's parent company Corus cutting one-in-four workers in extensive round of layoffs
Canadian mass media company Corus Entertainment announced that one in four full-time jobs will be slashed by the end of next month as part of ongoing layoffs.
In its third-quarter analyst and investor call that took place on Monday morning, Corus — which oversees a slew of media subsidiaries such as Global TV — announced that its priorities are to “aggressively cut costs” and “manage [its] liabilities.”
“We are making tough decisions to shutter areas of the business we can no longer sustain and pause longer-term development activities,” stated John Gossling, co-executive officer and chief financial officer of Corus, on the call.
By the end of August, Gossling said Corus’ full-time headcount will be reduced by almost 800 positions “or 25% since the beginning of fiscal 2023.”
“We are making tough decisions to shutter areas of the business we can no longer sustain,” he said.
Gossling said the cuts include shutting down two legacy AM radio stations in Vancouver and Edmonton.
He also highlighted other steps the company has made, such as the recent cancellation of Big Brother Canada on Global TV and ceasing operations of OWN (the Oprah Winfrey Network) under Corus starting in September.
According to its latest fiscal results, Corus reported a $769.9 million loss in Q3.
The announcement was met with disappointment and concern on social media.
“When my position was eliminated from Global News earlier this year I, sadly, suspected more layoffs would be coming,” wrote former Global employee Simon Ostler on X.
When my position was eliminated from Global News earlier this year I, sadly, suspected more layoffs would be coming. The news today of 25% of positions being eliminated at Corus Entertainment is no doubt leaving many employees feeling extremely anxious. With this 6 months behind…
— Simon Ostler (@SimonOstler) July 15, 2024
“The news today of 25% of positions being eliminated at Corus Entertainment is no doubt leaving many employees feeling extremely anxious.”
Ostler was laid off from Global News in February after nearly two decades of working in the Canadian media industry.
800 positions?! Terrible. 😢
— Madam Court Reporter 🇨🇦 (@slrylly) July 15, 2024
Core-Ass is at it again.
Corus Entertainment Inc. says it expects to slash 25 per cent of its full-time workforce by the end of next month which works out to 800 full time positions. Why? The people who run the show are just so damn smart and business savvy. On Monday, Corus… pic.twitter.com/RkfWntZerE— Gene Valaitis (@genevalaitis) July 15, 2024
A very concerning development for our peers impacted at #Globalnews and thus, for democracy. #layoffs #journalism https://t.co/E27trZuEq7
— Clara Pasieka on Politics (@PasiekaOnPol) July 15, 2024
Global News investigative journalist Andrew Russell shared that he was impacted by the Corus layoffs last week.
“I was lucky to work with incredible journalists across the country to break news and produce award-winning investigative journalism,” he wrote.
I’m sad to report that after 11 years with Global News, I was among the Corus layoffs. I was lucky to work with incredible journalists across the country to break news and produce award winning investigative journalism. Taking some time to be with my family. Be kind out there!
— Andrew Russell (@andrewglobal) July 12, 2024
Today’s announcement comes after previous layoffs in June that impacted Global News positions across the country.
Daily Hive has reached out to Corus Entertainment and Unifor, the union that represents Corus employees, for further comment.
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