CP to restructure

Hit by a triple whammy that includes the loss of CanWest as a member (and a big member at that), a shaky pension plan, and current members hit hard by the recession, Canadian Press announced today a restructuring that looks to outside capital to invest and inject some capital. (Something similar was done when Thomson bought Reuters a while back). The new plan, which would keep the editorial independence  of CP, may also have some buyouts and layoffs of staff. Hope it works out; CP has long been an exemplar of quality journalism in Canada. If CanWest really wants to support journalism (it has a number of programs to do so) it might want to consider rejoining CP; given the number of their layoffs, they could use a newsgathering machine.

Globe and Mail, Feb. 7 2009


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