The Toronto Star cut 122 jobs following a tough first quarter that saw parent corporation Torstar lose $3.5 million. About a third of the jobs will be lost from the newsroom. Employees were enticed to leave with a buyout package that saw long-term employees eligible for up to almost two years of their current salary. The news came at roughly the same time that the New York Times announced it also lost money in the first quarter of the year. The venerable newspaper company posted a $335,00 (US) loss.
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