The Canadian PressMay 8, 2013 08:38
MONTREAL - Quebecor won't rule out further cost-cutting efforts to address declining advertising revenues facing its newspaper business, outgoing CEO Pierre Karl Peladeau said Wednesday.
"For now our activities are profitable," he said following the company's annual meeting.
"We're not burying our heads in the sand. We are in decline, there is a significant pressure on advertising revenues."
A series of cost reductions, including job cuts, announced last year are expected to generate $45 million a year in savings.