Postmedia Decline Continues
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.