TELEMEDIA SLIMS DOWN PAYROLL
By Adnews Staff
Executives at Telemedia Publishing Inc. have taken a 30% pay cut and other employees have had their salaries frozen for the next year. The company's parent, Montreal-based Telemedia Inc., suffered an overall loss of $2.7 million in the six-month period ending Feb. 29. Publishing accounts for 70% of the revenues of Telemedia Inc., which operates radio stations, consumer magazines and community newspapers across Canada. Telemedia Publishing cut 50 production jobs a few weeks ago after making a deal with Trustar Ltd. under which Telemedia's French-language television guide, TV Hebdo, became a 50-50 joint venture of Telemedia and Trustar. In January Telemedia sold its Harrowsmith magazine operations to U.S.-based Hachette Publications.