Pressure from a decline in print advertising revenue continued to push down Postmedia Network Inc.’s sales in the last quarter, but the media company kept its operating results in check with an almost equal decrease in spending during the period.
Peter KuitenbrouwerAfter a successful career as a journalist in India including a stint at the Hindustan Times, twelve years ago Jaspal Singh Shetra moved to Toronto. He bought a little Punjabi-language newspaper in Mississauga. A few years later he noticed that 65% of his costs went to his printing bill.
Canada’s largest chain of big-city English-language daily newspapers is eliminating the role of local publishers at its papers as part of a move to centralize more of the company’s business operations.
Postmedia Network Canada Corp., which owns the National Post and nine other major English-language dailies, announced the move in an internal memo to employees Tuesday.
Canadian National Railway is looking to tap into the growing North American demand for shale gas by launching service this fall to a new frac sand terminal being built in northwestern Alberta.
The railway said Wednesday it has signed an agreement with Di-Corp, a distributor of specialty chemicals and equipment to the mining industry, that is building a facility to handle the material used in the hydraulic fracturing process that is growing in popularity, particularly in the United States.
OTTAWA — European exporters will save about three times the amount of duty payments compared with their Canadian counterparts in a landmark free-trade agreement, The Canadian Press has learned.
Sources say European Union exporters will save more than $670 million annually in duty payments compared with about $225 million annually for Canada’s.
That apparent win for European exporters is contained in an internal EU analysis of its sweeping agreement-in-principle with Canada, sources say.
Postmedia Network Canada Corp. reported a 9.5% drop in quarterly revenue Wednesday as the decline in print advertising continues to weigh heavily on the publishing industry.
During the third quarter, the company also rolled out a paid-content model at all of its 10 newspapers’ websites in a bid to find new sources of revenue as the industry shifts away from print and toward the Internet.
A U.S. hedge fund has acquired about 19% of Postmedia Network Canada Corp.’s common shares, a stake that makes it the second largest shareholder of the Toronto-based publishing company.
Silver Point Capital LP, an investment firm based in Greenwich, CT, disclosed its ownership of 7.4 million Class B shares in an Oct. 10 filing.