Layoffs at CKNW and across the country at Corus

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Layoffs at CKNW and across the country at Corus

Postby jon » Tue Mar 27, 2018 3:56 pm

A Facebook follower of radiowest.ca reports:
Lays off at CKNW today. Across the country actually
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Re: Layoffs at CKNW and across the country at Corus

Postby Tom Jeffries » Tue Mar 27, 2018 4:36 pm

Any more details.....?

*Corus Entertainment (CJR) Sets New 1-Year Low at $6.93 and many other Station chains are really getting hammered, with a lack of advertising.

IHeart has gone bust in the States.
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Re: Layoffs at CKNW and across the country at Corus

Postby jon » Tue Mar 27, 2018 4:41 pm

That's all she wrote, and I wasn't able to find any more details elsewhere.
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Re: Layoffs at CKNW and across the country at Corus

Postby groundskeeper willy » Tue Mar 27, 2018 4:43 pm

Hmmm. Think the layoffs have anything to do with the fact that Corus stock closed today at its all-time low of $6.22? Its pretty much been a bloodbath for CJR.B since the start of the year, having dropped close to 50% from the first trading day of 2018. Not much investor confidence in this dog right now. Nor will there be in the foreseeable future unless a miracle happens, like posting a few quarters worth of positive financials. Unless that happens, the layoffs will continue at an increasingly faster rate.

Gotta feel bad for all those shown the door today, the departures weren't of their making, rather, it was a combination of economic factors and some (oh hell, a massive amount) of inept middle and upper management throughout the entire organization.
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Re: Layoffs at CKNW and across the country at Corus

Postby radiofan » Tue Mar 27, 2018 4:49 pm

The on air lineups for CKNW and CFMI look to be intact on their websites.
Those who danced were thought to be quite insane by those who couldn't hear the music.
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Re: Layoffs at CKNW and across the country at Corus

Postby cart_machine » Tue Mar 27, 2018 4:51 pm

Tom Jeffries wrote:Any more details.....?


Tom, I've heard rumours, but it's not fair to the individuals for me to speculate in public about their careers. We'll have to wait for them or their co-workers to come forward.

cArtie.
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Re: Layoffs at CKNW and across the country at Corus

Postby flyonthewall » Tue Mar 27, 2018 5:01 pm

Like cArtie I've heard a couple of names but no confirmation so I won't speculate at this point. One of their more mature news people and a producer/on-air feature person is all I can say.
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Re: Layoffs at CKNW and across the country at Corus

Postby Tom Jeffries » Tue Mar 27, 2018 5:54 pm

I agree with CArtie have to wait..
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Re: Layoffs at CKNW and across the country at Corus

Postby kal » Tue Mar 27, 2018 9:12 pm

As confirmed by multiple sources:

Jeremy Lye
Jon Hall
Tim Dickert

Sad day for all concerned.
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Re: Layoffs at CKNW and across the country at Corus

Postby Richard Skelly » Wed Mar 28, 2018 12:58 am

Shaw’s decision to spin off broadcast assets into Corus virtually guaranteed future problems.

Whether on Wall Street or Bay Street these transactions earns big fees for banks and consultants arranging the Initial Public Offering. But the spun-off entity tends to be loaded with debt from the parent firm. Add in the incursions of Internet and Satellite competition and radio assets, in particular, are vulnerable to endless cost-cutting initiatives to goose quarterly results and impress investors.

Hopefully the bleeding stops at some point. Then again, perhaps the current $6.22 Corus stock price will keep descending. Locally, do CKNW and other Corus station retirees get pensions? If so, how safe are those pensions if bad times persist?
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Re: Layoffs at CKNW and across the country at Corus

Postby Howaboutthat » Wed Mar 28, 2018 6:56 am

Tom Jeffries wrote:Any more details.....?

*Corus Entertainment (CJR) Sets New 1-Year Low at $6.93 and many other Station chains are really getting hammered, with a lack of advertising.

IHeart has gone bust in the States.


Have you looked at the markets recently? MANY stocks have been getting the s**t kicked out of them. Not limited to media. Resource stocks among others. Sorry though, as always, to see that it's the front-line workers simply trying to make a living that get the boot.
Houston, We're dealing with morons!.
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Re: Layoffs at CKNW and across the country at Corus

Postby rtirdnewsguy » Wed Mar 28, 2018 9:13 am

Are there layoffs at Corus Calgary ?
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Re: Layoffs at CKNW and across the country at Corus

Postby tuned » Wed Mar 28, 2018 10:33 am

The financial class can suck the life out of any business especially when aided and abetted by the government. The CRTC has been selling out Canadians for decades.
They are nothing but lapdogs to the likes of Bell and Rogers. Until sheeple Canadians get p*ssed off about it nothing is going to change. We get ripped off for cel phones worse than any other industrialized country. We get ripped off for cable and internet services just like those Americans we like to feel superior to. The radio and television broadcast licenses are milked by a couple of corporations who push their corporate agenda down our throats. Canadians just take it. Then to add insult to injury all taxpayers are forced to fund a government controlled broadcaster pumping out propaganda.
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Re: Layoffs at CKNW and across the country at Corus

Postby splunge » Wed Mar 28, 2018 12:13 pm

Hmmm, @tuned. that's a pretty interesting rant. i will point out that the crtc just closed its round of 2018 radio licence renewals on monday. i didn't see a single negative complaint from anyone against the likes of a couple dozen small and large operators across the country...

perhaps it's not so much about the crtc being lapdogs as it is public indifference allowing the big players to run roughshod over the system? the crtc only reacts to the input it gets. the idea of spending money to actually do "research" is relatively foreign to them.
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Re: Layoffs at CKNW and across the country at Corus

Postby gtbell » Wed Mar 28, 2018 3:34 pm

Locally, do CKNW and other Corus station retirees get pensions? If so, how safe are those pensions if bad times persist?


Richard: What pensions? Unless the employee has a couple of years under the belt and then signs up to co-pay, there is no pension.
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