The Ottawa Citizen and Vancouver Sun are putting up online paywalls and the National Post will sell its headquarters as Postmedia Network Inc. struggles in a bleak advertising market that it doesn’t see improving any time soon.
Print advertising has fallen so steeply in the last several quarters that chief executive officer Paul Godfrey said he has been making personal sales calls to bank executives to help him understand why they are spending their money elsewhere.
Postmedia Network, which publishes the National Post and big city dailies across the country, lost $11-million in the second quarter due to weakness in both print and digital advertising. The newspaper chain said print advertising revenue decreased 10 per cent, to $122-million, in the second quarter compared with the same period in 2011.
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