03:58:06 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Postmedia Network Canada Corp (2)
Symbol PNC
Shares Issued 98,746,182
Close 2023-09-12 C$ 1.46
Market Cap C$ 144,169,426
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NP says Postmedia CEO laments state of Canadian media

2023-09-18 09:32 ET - In the News

The National Post reports in its Saturday edition that the Toronto Star's parent company is ending print editions of its large chain of weekly newspapers in Ontario as it seeks bankruptcy protection. The Post's Adrian Humphreys writes that Metroland Media Group cited unsustainable financial losses stemming from changing preferences of consumers and advertisers. The Toronto Star is not part of the cuts. Although owned by the same parent company, Nordstar Capital, it is run separately. News outlets have been under pressure for years as on-line giants have scooped up ad dollars. The bankruptcy comes after talks to merge Metroland's assets with Postmedia, owner of National Post and other major Canadian newspapers, failed to reach a deal. Postmedia chief executive officer Andrew Macleod said in an interview the Metroland announcement marks another dreadful day in Canadian media, and should sound an alarm over needed change. He added: "It's another tumultuous day. ... I know the Metroland team and the Nordstar team. They wouldn't be taking this step if there were any other options available." Mr. Macleod said Metroland's bankruptcy is a sign that doom and gloom predictions for Canadian media are real.

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