The new owners of TQS, a Quebec television network, wants to get out of the news business. The move, if okayed by the CRTC, would throw 270 people out of work.

From The Canadian Press via Google News:

The news, which was first announced by a union leader and then by Remstar Corp., will mean job losses in five cities: Montreal, Quebec, Sherbrooke, Trois-Rivieres and Saguenay.

The layoffs will take place in two phases. Beginning June 2, TQS will have only two news broadcasts - one in the afternoon and the other in the evening.

As of Sept. 1, they will disappear altogether.

TQS, which faces tough competition from larger rivals Radio-Canada and TVA, was placed under creditor protection last December amid mounting financial woes.

"We believe the financial recovery measures contained in this plan are the right ones and we are confident the new cost structure will allow TQS to become a major player once again in the Quebec TV landscape," Remstar co-president Maxime Remillard said in a statement.

Remstar said the plan "may seem severe" but pointed out that TQS lost $18 million last year and has an accumulated debt of $71 million.

If the plan goes through, 209 permanent jobs would remain at TQS.

TQS journalists were visibly upset after hearing the news.

"They told us the news division was no longer part of their vision for the company to survive," reporter Marie-Claude Julien said in an interview.