Wednesday, November 2, 2016

Torstar posts profit, ad revenue declines continue

The Globe and Mail's James Bradshaw reports:
"Growing revenue from digital ventures propelled Torstar Corp. to a razor-thin profit in the third quarter, though the downward trend in advertising returns continued unabated.
"The boost to the newspaper publisher’s bottom line came largely from the company’s 56-per-cent stake in VerticalScope, a company that operates hundreds of online forums catering to niche interests, and which drove a 32-per cent increase in revenue for the company’s digital ventures segment.
"Across the company, which publishes newspapers including the Toronto Star and the free Metro dailies, digital revenue was up 17.9 per cent, excluding the impact of closing digital marketing firm Olive Media in 2015. But revenue from print advertising, which remains a much larger source of revenue, fell sharply again, down 16.1 per cent from a year earlier."

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