Wednesday, May 3, 2017

Torstar posts $24.4-million loss as revenue slides

The Globe's Susan Krashinsky Robertson reports:
"The owner of the Toronto Star and other media operations reported a $24.4-million loss in its most recent quarter, during which it cut 110 jobs as it continues to grapple with declining advertising revenue.
The loss was an improvement from last year when the comparable losses were more than twice as big.
"Torstar said it’s aiming for $5.3-million of annualized savings from the previously announced downsizing. The layoffs include 25 employees when Metroland Media Group closed its Durham, Ont., printing plant in February this year.
"Its revenue in the first quarter was down by $18.1-million or 10 per cent from the same time last year.
"Both Star Media Group and Metroland Media continued to see print advertising declines in the quarter, particularly in national advertising. Declines were more moderate in retail advertising.'

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