Postmedia Network Inc. will lay off about 80 employees and permanently close 15 community publications as the newspaper conglomerate navigates the financial fallout of COVID-19.
[15][16], In 2016, the company sought to restructure its compensation plans and reduce spending by as much as 20%, after reporting a net loss of $99.4 million, or 35 cents per diluted share, in the fourth-quarter ended Aug 31, compared with a $54.1 million net loss, or 19 cents per diluted share, in the same period a year earlier. So Postmedia went to the people who were owed that money and cut a deal, giving control of Canada's largest newspaper company to an "ad hoc" group of creditors apparently led by Chatham Asset Management, a New Jersey hedge fund. [8][9], The ownership group was assembled by National Post CEO Paul Godfrey[10] in 2010 to bid for the chain of newspapers being sold by the financially troubled Asper family’s Canwest (the company's broadcasting assets were sold separately to Shaw Communications). So there is not much to lose by pushing for a federal review of Postmedia's Canadian status. Who owns Postmedia and why? In addition, it focuses on coverage of federal and provincial politics within all of the dailies owned by Postmedia. World Press Freedom Rank: Canada 16/180.

Postmedia papers toil for Canada's political right.
[20][21], On June 26, 2018, Canadian Press reported that, by the end of August, Postmedia will be closing the Camrose Canadian in Camrose, Alberta, Strathmore Standard in Strathmore, Alberta, Kapuskasing Northern Times in Kapuskasing, Ontario, Ingersoll Times in Ingersoll, Ontario, Norwich Gazette in Norwich, Ontario and Petrolia Topic in Petrolia, Ontario. Canada (Director of Investigation and Research) v. Southam Inc. "Postmedia Announces Community Newspapers Transaction with Torstar", "Torstar, Postmedia announce community and daily paper deal", "Postmedia to close community newspapers across southern Ontario", https://en.wikipedia.org/w/index.php?title=Postmedia_News&oldid=985372522, Short description with empty Wikidata description, Articles needing additional references from August 2018, All articles needing additional references, Creative Commons Attribution-ShareAlike License, This page was last edited on 25 October 2020, at 16:02. Read our profile on Canadian government and media. Applications accepted on a rolling basis. The Postmedia sale opens the door -- slightly -- and gives citizens the chance to press for a different future for Canada's newspapers. And, based on Postmedia's performance, the newspapers are going to close anyway. [4] The role focuses on coverage for federal politics in the Post. [18][19], In March 2018, the Competition Bureau issued a court filing accusing the two companies of structuring the deal with no-compete clauses in an effort to reduce competition in the newspaper industry, in violation of the Competition Act. Postmedia's Paul Godfrey told the Financial Post, "We were once considered the whale in the water. The company has had years of plunging revenue. Its stock is almost worthless, revenues are in freefall -- down another 12.9 per cent according to Thursday's quarterly report -- and management has no credible plan. According to a report in the left-leaning CanadaLand, PostMedia has directed its publications to be more “reliably conservative.” The newspaper is funded through advertising and subscription fees. Toronto news comes from local journalists and politics comes from a variety of sources that lean right. [10][11] The purchase received regulatory approval from the federal Competition Bureau on March 25, 2015,[12] even though the company manages competitive papers in several Canadian cities; while the Sun Media chain owns numerous other papers, four of its five Sun-branded tabloids operate in markets where Postmedia already publishes a broadsheet competitor. It's no secret that Postmedia Network, publisher of the National Post, Ottawa Citizen, Montreal Gazette, Calgary Herald, Edmonton Journal, Vancouver Sun and other major Canadian dailies, is hemorrhaging money. "Postmedia Fiscal 2020 Q1 financial report", "You Must Be This Conservative To Ride: The Inside Story of Postmedia's Right Turn", "Postmedia revamps Ottawa Citizen's digital service", "How Postmedia Defeated A Union Drive At The National Post", "Postmedia's employees should stand up to their right-wing bosses", "Behind Trump Tabloid King, a Connected and Flush Hedge Fund", "Postmedia and the heavy price it pays to survive: Olive", "Postmedia buys 175-paper Sun Media for $316m", Competition Bureau will not challenge Postmedia’s acquisition of Sun Media, "Postmedia purchase of Quebecor's Sun Media OK'd by Competition Bureau", "Postmedia-Sun Media deal officially closes", "The new worry about the next election: your daily news - Macleans.ca", "Five things to know with Canada's news media industry under public policy review - CityNews Toronto", "Postmedia to close community newspapers in Stratford, London, St. Thomas", "Torstar, Postmedia swap community papers, most to close", "Competition Bureau's concerns over Postmedia-Torstar newspaper swap revealed in court filing", "Torstar, Postmedia and the arrogance of the deal", "Postmedia to close more local newspapers, cut staff by 10 per cent", "Torstar (Again) Blocks Release of Evidence in Conspiracy Case", "Postmedia executives receive $2.3-million in retention bonuses", "Federal Corporation Information - 753553-8 - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada", https://en.wikipedia.org/w/index.php?title=Postmedia_Network&oldid=985384140, Creative Commons Attribution-ShareAlike License, Mary Junck (Pleasant Valley, IA, United States), Daniel Rotstein (Plantation, FL, United States), This page was last edited on 25 October 2020, at 17:17. [17], On November 27, 2017, Postmedia and Torstar announced a transaction in which Postmedia will sell seven dailies, eight community papers, and the Toronto and Vancouver 24 Hours to Torstar, in exchange for 22 community papers and the Ottawa and Winnipeg versions of Metro. That fiction was created when CEO Paul Godfrey and the U.S. investors came up with a …