UPDATE 2-Torstar offers severances as profit softens

* Offers voluntary severance packages

* EPS C$0.05 vs loss of C$0.01

* Revenue down 7.4 percent at C$343.7 mln

* Shares down 4.6 percent

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TORONTO, Nov 4 (Reuters) - Book and newspaper publisher Torstar Corp (TSb.TO: Quote, Profile, Research) plans to cut editorial jobs at Canada's biggest newspaper after reporting a weak quarterly profit.

The company, which publishes the Toronto Star, is asking employees to consider voluntary severance packages, the company said on a conference call with analysts.

"We are beginning negotiations with the union to try to come up with the best way to cut costs and maintain quality," publisher John Cruickshank, said on the conference call.

The company did not elaborate on the plans, but the Globe and Mail newspaper reported on Wednesday that its rival may contract out more than 100 editorial and production jobs.