Canada's Yellow Media to cut 10 percent of workforce
(Reuters) - Canadian telephone directory publisher Yellow Media Ltd said it will cut 10 percent of its workforce as it sharpens its focus on its digital business.
The company will cut about 300 positions mainly in its print and legacy businesses and add more positions to its digital business, it said in a statement.
The company, which is the official directory publisher for Bell Canada and Telus Corp, said the majority of the job cuts would happen by the end of the year and the rest by early 2014.
The directory businesses of publishers such as Yellow Media and UK-based Hibu Plc have suffered as users switch to online search engines such as Google Inc to find local listings.
Montreal, Quebec-based Yellow Media's Mediative unit provides digital advertising and marketing services for national agencies and advertisers.
Last week, the company reported a 23 percent fall in third-quarter print revenue as advertisers continued to migrate toward digital products.
Digital revenue, which accounts for about 43 percent of total revenue, rose about 34 percent.
Yellow Media shares were almost unchanged at C$15.00 in morning trade on the Toronto Stock Exchange on Tuesday. They have more than doubled this year.
(Reporting by Sayantani Ghosh and Aby Jose Koilparambil in Bangalore; Editing by Savio D'Souza)