{"id":4868,"date":"2018-04-11T13:15:56","date_gmt":"2018-04-11T17:15:56","guid":{"rendered":"http:\/\/business.financialpost.com\/?p=1573627"},"modified":"2018-04-11T13:15:56","modified_gmt":"2018-04-11T17:15:56","slug":"postmedia-loss-shrinks-as-cost-cutting-tempers-print-revenue-decline","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/04\/11\/postmedia-loss-shrinks-as-cost-cutting-tempers-print-revenue-decline\/","title":{"rendered":"Postmedia loss shrinks as cost cutting tempers print revenue decline"},"content":{"rendered":"<p>Postmedia Network Canada Corp. shrunk its quarterly loss to $1.3 million from $28.5 million a year prior, as digital revenue growth and cost cutting tempered continued declines in newspaper advertising and circulation revenue.<\/p>\n<p>Canada\u2019s largest newspaper company, which owns more than 160 brands including the Financial Post, reported Wednesday that its operating expenses for the three months ending Feb. 28 dropped by $36.2 million (21 per cent) due to cost reduction initiatives and a $17-million tax credit from the Ontario government.<\/p>\n<p>Overall revenue, however, fell 10.8 per cent to $157.6 million from $176.7 million a year prior. The drop was attributed to declining print advertising and circulation revenue, which respectively fell 18.8 per cent to $70 million and 7.9 per cent to $53.6 million.<\/p>\n<ul class=\"related_links\">\n<li><a href=\"http:\/\/business.financialpost.com\/telecom\/media\/postmedia-and-torstar-swap-41-newspapers-most-to-close-291-jobs-lost\">&#039;The alarm bells should go off:&#039; Postmedia, Torstar deal will see 36 community papers closed<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/telecom\/media\/competition-bureau-calls-on-headquarters-of-postmedia-and-torstar-in-review-of-newspaper-swap\">Competition Bureau calls on headquarters of Postmedia and Torstar in review of newspaper swap<\/a><\/li>\n<\/ul>\n<p>Digital revenue grew by 10.1 per cent to $26.4 million. The company said this marked the fifth consecutive quarter of double-digit growth in digital advertising revenue.<\/p>\n<p>\u201cWe are executing on a strategy that continues to deliver results including continued positive signs from our digital advertising initiatives,\u201d chief executive Paul Godfrey said in a statement.<\/p>\n<p>\u201cIn addition there has been a slowing of our legacy revenue declines along with continued rigor around cost reduction initiative.\u201d<\/p>\n<p>During the quarter, the company said it implemented initiatives that will cut net costs by $5 million annually.<\/p>\n<p>In late November, Postmedia and Torstar Corp. traded 41 papers and subsequently closed 36 of them. The deal is responsible for $5 million in annual cost savings for both companies, which are coping with structural declines in print advertising. The Competition Bureau is investigating the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital revenue grew by 10.1 per cent, marking the fifth consecutive quarter of double-digit growth in digital advertising revenue<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4868"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=4868"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4868\/revisions"}],"predecessor-version":[{"id":4871,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/4868\/revisions\/4871"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=4868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=4868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=4868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}