Canada's cash-strapped newspaper publisher, Postmedia Network, is trying to stem its losses by taking the axe to people at the top.
It is eliminating the publisher position at its chain of 10 newspapers as it faces up to declines in advertising revenue and a heavy debt burden, reports the Globe & Mail.
The paper reveals that in the most recent quarter, up to the end of February, Postmedia's print advertising dropped by 13.8% year on year while digital advertising increased by just 1.7%.
The decision to reorganise the company in order to dispense with publishers was announced in a staff memo issued from Paul Godfrey, Postmedia's president and CEO.
It included this winning phrase: the new executives "will focus on facilitating the transition from local silos to the new functional reporting structure."
Silos? Is that what newspaper offices are now? Structures for the storying of grain… how gratifying!
Source: Globe & Mail
