Toronto Star fires 85 workers, while execs still rake in $760,000

TorStar expects to be granted a 75% wage subsidy from the government after laying off 85 staff.

ADVERTISEMENT
Image
Nico Johnson Montreal QC
ADVERTISEMENT

In these remarkable times, everyone could do with a good news story. Fortunately enough, the Toronto Star is, once again, eating itself—rewarding their executives eye-watering salaries whilst laying off 85 workers.

This, however, is likely to be of little concern to the Star's executive who already have their trotters placed firmly in the troth after Trudeau's $600 million media bailout. As well as this, TorStar expects to be granted a 75% wage subsidy.

This is noteworthy in itself: to qualify for that wage subsidy, TorStar's revenue must have decreased by 30 percent. This owes itself to declining advertising revenues at the newspaper.

In an act of extraordinary magnanimity, the Star's execs have also agreed to a 20 percent pay cut—pulling their average salaries down to a measly $760K. How will they survive?

In a memo sent to the TorStar staff, CEO John Boynton requested that all employees attend an online town hall "to provide an update on our business in light of the COVID-19 outbreak."

These layoffs have not been painted as a temporary solution to the Toronto Star's woes.

This most recent incident follows a long road of turmoil at the newspaper. In October, TorStar's stocks plummeted to historic lows after they reported an unexpected loss of $40.9 million.

ADVERTISEMENT
ADVERTISEMENT

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2024 The Post Millennial, Privacy Policy | Do Not Sell My Personal Information