More layoffs could be coming to Global News as parent company flirts with bankruptcy
It wasn’t their first rodeo, but it could be the last Calgary Stampede parade for Calgary’s local Global news outlet.
In an exclusive interview with an insider who is no longer employed with the company whose identity is being withheld, staffers were warned by company brass on a company-wide conference call Wednesday to expect more ‘changes’ — including job cuts — when the company hits its debt wall at the end of August.
“There were comments made. I don't know if this was just a manager misspeaking, but it was the comment was made along the lines of, ‘you know, this Stampede, it might be our last,” they said.
“Now, I don't know if that meant this will be our last parade that we're producing, right? Or if it's the last time Global as a brand will be covering Stampede, I don't know what the context was, or if it was just nothing. Who knows?”
Earlier this week parent company Corus Entertainment announced brutal financial results that were dripping with red ink, and warned it won’t be able to meet its debt covenants when they come due in the fourth quarter — despite cutting 800 positions or more than a quarter of its workforce.
Even with the departure of dozens of journalists, including long-time anchor Linda Olsen, not one manager in Calgary was let go.
Corus, which was once worth more than $2 billion, had a market capitalization of about $23 million and its shares have lost more than 98% of their value in the last year alone.
On Thursday, its shares fell to their lowest level ever, at 11 cents. After factoring $1.1 billion of looming debt, analysts said the company is essentially worthless.
In a note to clients Monday, TD Cowen analysts Vince Valentini and Natale Puccia said the company’s debt-to-earnings ratio was likely to exceed 6 times by the end of its 2025 fiscal year.
Corus shares hit an all-time low on Thursday
“We do not view this as a sustainable capital structure, so we expect the company to pursue a negotiated recapitalization with its banks and bondholders in the near-term,” they wrote.
In any event, the insider described a “brutal” working environment with colleagues living in fear of reprisals for doing their jobs. Relations with management and staff, which is unionized, have become increasingly adversarial as long-time journalists either quit or are shown the door.
“If you speak that publicly, like in a meeting or something where other people can hear, then you're targeted. You're the problem.”
Meanwhile, the quality of journalism and local news coverage continues to suffer, she said. “We simply don’t have the resources or infrastructure to produce live news anymore.”
And while Corus publicly blames declining ad revenue and programming for the losses, behind closed doors they’re blaming independent news outlets like The Western Standard for their woes.
And in fact, The Western Standard came up a staff meeting when anonymous sources leaked internal company memos and audio recordings detailing “significant cuts” to its national and online broadcast teams.
As of Thursday, its final online news editor said she was fired. Meaning it essentially won’t be updating its website with a human being — at least not in Calgary, and not on weekends.
“Yes, they are quite annoyed that somebody is speaking to The Western Standard because they don't see you guys as, like a legitimate media source. So the fact that they're that you guys are scooping like places like CTV or CBC… that that really gets them annoyed.”
On its website, the company says it has three managers in charge of Diversity Equity and Inclusion. No word if they still have their jobs.
There are no DEI managers in Calgary, per se, but the insider says “they certainly love to force diversity down our throat. If you look at the board of directors, there's one glaring example of somebody placed in the position for what seems to be only diversity. Because she certainly doesn't have a background in television.“
Berta Dad nailed it. Copied from FB.
Jeff Rath’s behaviour toward Danielle Smith is not a good look for this movement, and he does not speak for me.
When this started, I had respect for him. But as this has played out, it has become harder to ignore what appears to be a push for power inside the movement, not a sincere focus on Alberta independence.
Danielle Smith is a major reason Albertans were even able to collect signatures in the first place. Compared to any other premier in this country, I believe she has been the strongest one standing up for her province.
I will not forget her accomplishments.
She stood up for parental rights when others wanted schools keeping parents in the dark.
She took action against political ideology being pushed in classrooms.
She made sure kids got back to school when the system tried to hold families hostage.
She has strengthened Alberta Sheriffs and continued exploring ways to free Alberta from relying on the RCMP.
And that is only part of it.
This ...
WEF/UN/Globalists have proven they can’t be trusted now given the key to Canada. Are you awake yet Canadians??
REPORT: UN Climate Scientists Flip on the Climate Doomsday Narrative | Stand on Guard CLIP
WATCH Have they been lying about climate change this whole time? Are they cancelling climate change doomsday scenario for the data centers?
The UN climate scientists admit the high emission doomsday scenarios were overblown. UN climate change scientists flip: climate change not too bad anymore according to a new report. No doomsday on the horizon.
On this Stand on Guard clip, we question why the UN might be backtracking on previous dire predictions, suggesting a new agenda at play. We examine how this shift could be tied to the proliferation of data center construction and the increasing demands on our power grid from artificial intelligence. It's crucial to consider the broader implications for our communities and hold big tech accountable.
Thank you to @jimmy_dore for pointing out this...
Listening to Ganum today on the meeting that Premier Smith is having with Lukasek I am wondering why not just have his referendum on the vote in October? If enough say no to his question isn't it the same as a referendum that the other side wants? I for one want this to wake up the East and don't care how it happens. Another caller said she needs to call an provincial election in October and take the rest of questions off the ballot - this could be risky but I am leaning toward it as terrified that the NDP will get in again and right now Nemshi is their handicap IMHO.
