Postmedia Network Canada Corp. says its losses deepened in the fourth quarter as revenues dropped 13 per cent, weighed down by weaker print and digital advertising sales.
The media company says it had a $49.8 million net loss, or $1.24 per share in the most recent quarter ended Aug. 31.
Revenue slipped to $146.8 million from $169.3 million, mainly on weaker print advertising sales which fell 21 per cent to $74.2 million. Digital revenue dropped five per cent to $20.2 million while print ciculation revenue slipped to $48 million from $49.4 million.
Postmedia announced earlier this month that it is buying Sun Media’s 175 English-language newspapers, free dailies and online sites for $316 million from Quebecor Media Inc.