Canadian newspapers have not suffered as badly as those in the US - until now. There are growing signs of a significant downturn as advertisers begin to desert. Large publishers, such as Torstar Corp and Canwest Global Communications, are among those that stand to be hurt the most.
Torstar, which publishes Canada's largest-selling paper, the Toronto Star, has cut 270 jobs at its stable of urban and regional newspapers around Toronto. But its chief executive, Robert Prichard, says the economic outlook remains gloomy. The Star's ad revenue fell 8.5% in the last quarter and newsprint prices jumped 18%.
Meanwhile, Canwest – Canada's biggest publisher of daily newspapers – has cut the print presence of its flagship National Post daily in two provinces to save on distribution costs.
A third major publisher, Quebecor Inc, is expected to report poor numbers tomorrow at its Sun Media chain of tabloid dailies. (Via San Diego Union-Tribune)
