Ouch. For all my journo buddies. Is it too soon to start a pool? Ill take July 2016 as the month Postmedia starts circling the bowl... Postmedia Network Canada Corp. (TSX:PNC.B) managed to cut its losses for the third quarter, but the media company is still facing a steep drop in advertising revenue. The owner of several newspapers and websites, including the National Post, Calgary Herald, Edmonton Journal, Vancouver Sun and the Ottawa Citizen, says it lost $20.6 million or 51 cents per diluted share for the three months ended May 31. That compared with a loss of $103.3 million or $2.56 per diluted share a year earlier when it booked an impairment charge of $93.9 million. Revenue fell 10.8 per cent to $171 million mostly on lower print ad sales. Postmedia has been reworking its operations under a three-year turnaround plan. The company has closed various printing plants, laid off staff and set up digital paywalls for its websites in an attempt to turn a profit.
Posted on: Thu, 10 Jul 2014 15:07:09 +0000
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