Straw in the wind?
On 22 July, 2010, the Editor & Publisher website commented on third quarter results announced by Canwest's new owner, Postmedia Network. The results were illuminating.
"In its final fiscal quarter and under bankruptcy protection, Canwest Limited Partnership, publisher of the largest chain of English-language dailies in Canada, grew overall revenue on the strength of newspaper print advertising, which offset a decline in digital media, its new owner reported Thursday", wrote E&P editor, Mark Fitzgerald.
"Postmedia Network Inc., which closed its purchase of the Canwest papers on July 13, reported fiscal third-quarter revenue ticked up 1% to C$270 million and operating income before amortization and restructuring expenses jumped 13% to C$51 million. (C$1 = US$0.96).
"But the most remarkable detail is that the Canwest newspapers, including titles such as the National Post and Vancouver Sun, reported revenue that were up 1%, while digital media revenue decreased 16%. The drop was due in part to a change in allocation between reporting segments – but the 'overall increase in revenue was primarily due to increased advertising revenues,' Postmedia said.
"Operating expenses for the quarter ended May 31 were down 2%, 'the result of cost reduction initiatives implemented in the last nine months of fiscal 2009 and a continued focus on cost containment,' the company said."
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