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Craig Media Cuts 37 Jobs at Two TV Stations

Tuesday, May 18, 2004

TORONTO (Reuters) - Craig Media Inc., which is in the process of being bought by CHUM Ltd. , said on Tuesday it has cut 37 production, sales and marketing jobs at its television stations in Toronto and Calgary.

Calgary, Alberta-based Craig, Canada's biggest privately held television broadcaster, said the cuts were made to control costs and "ensure the stations remain competitive".

CHUM said in April it would buy Craig for C$265 million ($191 million) to expand its presence in Western Canada, where Craig owns A-Channel stations in Edmonton, Calgary and Winnipeg.

Craig started looking for a buyer in January after its recently launched Toronto 1 station foundered in the ratings and lost more cash than expected.

CHUM has said it would sell Toronto 1 as part of the acquisition. But several high-level Canadian broadcasting executives said they had little interest in the station given its poor results.

($1=$1.39 Canadian)

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