The Globe and Mail reports in its Wednesday edition that Postmedia posted operating income of only $13-million last year while receiving $9.9-million in government aid. Guest columnist Marc Edge writes that was nowhere near enough to cover its more than $30-million a year in debt payments, which required moves such as closing a dozen Alberta community newspapers in January and selling its Calgary Herald building for $17.25-million. The company then announced chainwide staff cuts of 11 per cent. Postmedia's best hope now is for Google and Facebook to subsidize it under Bill C-18, the Online News Act. Even if that legislation passes, Postmedia will remain under water if Google and Facebook stop carrying links to Canadian news stories, as they have threatened to do. Ottawa will then have to choose between bailing Postmedia out again or letting it founder further. The latter could be the only way to help wean the country off the influence of U.S. hedge funds over the company. These funds have owned Postmedia since 2010 and have been bleeding it dry ever since with the hundreds of millions in high-interest debt. Federal subsidies work only to keep payments flowing to hedge funds, with debatable returns for taxpayers.