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Postmedia Announces Cuts to Newspapers

May 29, 2012
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Postmedia Network, the owner of The National Post, as well as several major metropolitan dailies, has announced a round of cuts which will see three of its papers cease publishing a Sunday edition.

The Calgary Herald, Edmonton Journal, and the Ottawa Citizen will no longer publish on Sundays and the National Post will continue its trend of not publishing on Mondays over the summer months.

In an internal memo to its staff, Paul Godfrey, CEO of Postmedia, wrote: "We are continuing on this path and looking to further reduce our print-related infrastructure costs, build out our digital platforms and invest in growth areas of our business. We know that print advertising revenue decline is ongoing across the industry. And a lot of the lost revenue in Canada is going to foreign-owned and controlled digital companies who, without any regulation, are accessing Canadian audiences and eroding Canadian media revenues."

The memo also laid out plans to centralize by "moving editorial production out of our local newsrooms," including moving a lot of the pagination and layout to Postmedia Editorial Services in Hamilton. Layoffs are expected, but have yet to be detailed.

Postmedia has announced a $11 million loss in the last financial quarter while still suffering from a long-term debt of over $516 million. Postmedia Network was created in 2010 from a $1.1 billion transaction which saw the former properties of Canwest Global Communications change hands.

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