Postmedia Network hit hard by print advertising declines, reports $58.2 million loss
The Canadian newspaper company Postmedia Network reported its earnings for the quarter which ended on February 28, reporting sharp print ad declines – and, as a result, a loss in the quarter.
Print advertising revenue fell “across all categories, including national, local and insert advertising,” according to the company – down 16.0 percent. Print circulation revenue decreased 4.3 percent, while and digital revenue decreased 2.8 percent in the quarter.
Postmedia recently closed its acquisition of Sun Media, the publisher of the Toronto Sun, from Quebecor. The sale was approved by the Competition Bureau in March.
“As we ready Postmedia to take on greater scope and scale, with the addition of the Sun Media brands, said Paul Godfrey, President and CEO, “our focus continues to be engaging audiences across four platforms and providing advertisers with innovative made in Canada marketing solutions. We look forward to welcoming our new employees and brands and together we will continue the transformation of Postmedia into a news media organization poised to take on foreign-based digital giants.”