Canwest cuts 560 jobs

Leading Canadian media company Canwest has announced a cut of 560 jobs.

Canwest owns the leading Canadian television network Global Television Network, a variety of newspapers including The National Post, Vancouver Sun and Calagary Herald, and the Ten Television Network in Australia among other assets.

The job cuts include 210 broadcast and 350 publishing jobs through voluntary buyouts, attrition and layoffs, and is expected to reduce annual operating costs by about $61 million CAD, according to CBC.ca.

The cuts are exclusively within Canada, with no word on international cuts in the release. Canwest’s workforce including global interests totals 9,800 people. Canwest reported a loss of $28.4 million CAD in the third quarter off the back of increasing debt liabilities.