Headline, Industry News

Quebec-based TQS TV network cuts 40 jobs

Quebec’s TQS television network is cutting 40 jobs in Montreal, Quebec City and a number of regional stations in other parts of the province.

The network said Tuesday it has to reduce costs and restructure its workforce in the face of difficult financial times for the Canadian private television industry.

In addition to 30 job cuts to be split between Montreal and Quebec City, another 10 jobs will be cut in Sherbrooke, Trois-Rivieres and Saguenay, TQS said in a news release.

TQS is co-owned by Quebec-based Cogeco Inc., which reported Monday that market conditions are currently difficult for general interest television services. Cogeco owns 60 per cent of the network and 40 per cent is owned by CTVglobemedia.

Rene Guimond, president and CEO of TQS Inc., said in a statement that it was important for the network to address the problem.

"We decided to act now by reducing operating costs while protecting the programming grid, without which the company could be forced to take even more severe measures," Guimond said.

Cogeco president and CEO Louis Audet, said Monday that CIBC World Markets has been contracted to do a strategic review of TQS.

Guimond said specialized cable channels have a leg-up on revenues over regular channels, which do not benefit from subscription fees.

It is a problem all private television stations are facing today, Guimond said.

TQS has more than 600 employees based in five television stations and four affiliate stations covering the entire province of Quebec.

<font size=1>Source: Canadian Press</font>