Gary Weinrib takes another whipping, Rogers Communications fires 900 staff members
LIBERATOR
ole Gary Weinrib swindling in play, now that things are bad you try to
make them better by fusing two of your enterprises. Clearly Gary you
are in trouble.
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Rogers Cuts 3% of Staff, Adds to Stake in Rival
By BEN DUMMETT
Rogers Communications Inc. said it is cutting about 900 positions, or
about 3% of its work force, as part of its previously announced plan
to integrate its wireless and cable operations.
The layoffs mostly affected mid-level managers, said company
spokeswoman Odette Coleman. The Toronto-based company owns Canada's
largest wireless phone service as well as Rogers Cable, among other
properties.
Meanwhile, Rogers rekindled speculation of its ultimate interest in
acquiring rival cable operator Cogeco Cable Inc. Rogers said it had
invested a total of C$116.6 million (US$110.1 million) to increase its
economic stake in Cogeco Cable to 29.8% from 20.1%. It also invested C
$46.4 million to increase its economic stake in Cogeco Cable's parent,
Cogeco Inc., to 29.9% from 20.3%.
Rogers said it bought the shares for investment purposes. The market
has long speculated that Rogers has periodically increased its
holdings in Cogeco to better position itself to acquire Cogeco should
it ever come up for sale. Cogeco's controlling shareholder, the Audet
family, has never shown any interest in the selling the company.
The purchase comes on the heels of Shaw Communications Inc.'s purchase
of Mountain Cablevision in Hamilton, Ont., which operates next to
Cogeco's cable operations in the province and close to Roger's cable
operation in the greater Toronto area.