Postmedia Decline Continues

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CBJ — The news isn’t getting any better for Postmedia with continued revenue losses leading to speculation of even more expected downsizing in the near-term.

In this new era of digital online broadcasting, the core print newspaper business continues to erode at a rapid pace, as evidenced by an almost $23 million net loss in the company’s fiscal fourth quarter.

Restructuring costs totalled $13 million in the quarter, up from $1.7 million a year earlier.

The company announced in June that it would begin another round of cost-reductions aimed at reducing compensation expenses by about 10% during the financial year ended Aug. 31, through voluntary and involuntary departures.

Postmedia is the parent company to such publications as The National Post and the Toronto Sun.

@CanBizJournal

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