“Ad slump brings Rogers layoffs”

Hey Guys,

This article ties into the last one I posted about the recent job cuts within the media industry resulting from the economic recession. Here’s a brief summary of the article click the link below to read the full story, enjoy!

“Ad slump brings Rogers layoffs”
Marketing Magazine

December 3rd, 2008

• Rogers Media announces staff cuts due to advertising sales drops and the poor direction that the economy is heading
• Rogers Media includes a number of TV, radio and magazine properties like Marketing Magazine, Maclean’s and Chatelaine to name a few
• Rogers Publishing president and CEO Brian Segal explains that “Conditions in the media industry—in Canada and globally—have been challenging due to the U.S. financial crisis, which has produced sharp decreases in advertising spending,”
• these negative changes are expected to continue throughout the new year of 2009
• Suneel Khanna, Rogers Media spokesman offers that although there were many cuts made, the layoffs were not as heavy compared to some of the other media companies
• the company feels that these changes will result in greater operating efficiencies, along with allowing them to maximize opportunities when the advertising market bounces back
• these cut backs were instituted in order to save significant costs and to employ the companies resources more efficiently
• The recent economic down turn has caused advertising budgets to be tightened, this has had a direct effect on the media companies which is why Rogers, just as its competitor CTVglobemedia had to make serious job cuts in an effort to stay in business
• Further, these Rogers layoffs were announced on the same day that the company founder and CEO Ted Rogers passed away from congestive heart disease