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Montreal news outlet La Presse to cut 37 jobs as advertising revenue drops

November 8, 2018 9:39 PM
17 0

La Presse, formerly owned by a subsidiary of Power Corporation of Canada, officially adopted a not-for-profit structure last July. At the time, Power Corp. agreed to grant $50 million to the new venture.

Last May, La Presse president Pierre-Elliott Levasseur said the business model conceived in 2010 did not conform to today’s media reality, in which Facebook and Google have eaten heavily into advertising revenue.

Traditional media in the country are grappling with the loss of revenue, resulting in mass layoffs, publication closures and a shift to fewer print editions and more online publications.

Source: thestar.com

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