Canwest Global is cutting 560 jobs – about five per cent of its total workforce – as its stock price continues to plummet.

The company announced today it is cutting about 210 jobs in its broadcasting division and about 350 jobs in its publishing division.

Canwest controls newspapers and TV stations across the country, including Global B.C. and the Vancouver Sun and the Province.

The company announced today that it is “streamlining” operations to save $61 million. Canwest stock has been dropping steadily; it fell seven cents to 84 cents today on the TSX.

Two years ago it was trading in the $11 range.

A Canwest press release said the 560 jobs will be cut through “voluntary buyouts, attrition and reductions.”

In the release, company president and CEO Leonard Asper said “it was a very difficult decision to implement staff reductions.” However, he said, “we believe that these actions are required to enable Canwest to maintain its strength, build market position and be ready at the first sign of an economic recovery.”

The release said that “the development and creation of news and information will not be impacted by the changes.”

The perpetually money-losing National Post will “institute changes to accelerate its road to profitability by focusing on its profitable markets, reducing unproductive and deeply discounted circulation and utilize new technology that enables it to better target key high value readers while increasing web engagement with its brands,” the release said. “In total, these initiatives are expected to reduce costs on an annualized basis by between $35 million and $40 million.”

Last month, Asper said in a memo to all Canwest staff that the company’s “underlying fundamentals are solid” despite a dropping stock price.

“We may have to make some difficult choices however, as we can not pretend it is business as usual,” he added.

Tom Barrett is a contributing editor at The Tyee.