From The Sun, owned by Postmedia:
Postmedia overhauls finances, board and executives
Canada’s largest newspaper publisher announced a major restructuring of its board and executive ranks as it completes a deal to significantly restructure its debt. …
Three new board members have been appointed: Mary Junck, executive chairman of Lee Enterprises, an American newspaper publisher that owns some 54 daily papers and in 2013 went through its own recapitalization following a bankruptcy and subsequent bailout by billionaire Warren Buffett’s Berkshire Hathaway; American Media Inc. CEO David Pecker, whose company owns and publishes celebrity and lifestyle publications including the National Enquirer; and HR executive Daniel Rotstein.
Three new board members have been appointed: Mary Junck, executive chairman of Lee Enterprises, an American newspaper publisher that owns some 54 daily papers and in 2013 went through its own recapitalization following a bankruptcy and subsequent bailout by billionaire Warren Buffett’s Berkshire Hathaway; American Media Inc. CEO David Pecker, whose company owns and publishes celebrity and lifestyle publications including the National Enquirer; and HR executive Daniel Rotstein.
They shutdown the 24hrs newsroom last week to cut costs – content will come from The Province and the Vancouver Sun.
http://globalnews.ca/news/2973971/24-hrs-vancouver-newsroom-shut-down-by-postmedia/
If you read both The Province and the Vancouver Sun – it’s rather ridiculous in that they both have the exact same stories.
Yikes, losing control of the Media to private interests is not good for a country. That’s part of the problem with the USA and its politics and policies – too much privatization.
They’re getting closer to financial collapse. I sure hope a more editorially even-handed outfit picks up the pieces.
State owned CBC is better ? That is more unbiased ?
Evidently so, even when a libertarian government threatens their funding and stacks the board with ideological lackeys.
The National Post has always maintained editorial control, but probably not to the extent of the Aspers, who were the previous owners (CanWest) and who bragged about firing editors who refused to toe the line, or who tried to maintain editorial independence.
One commonality about slashers and burners who own media organizations is how poorly they manage their finances even when print media was doing well before the Web stole their advertizing. They fail almost always through debt accumulation resulting from faulty expansion and acquisition planning. PostMedia is like the US frackers, they don’t care about the long term as long as they can maintain their debt payments.
Lots has been written about the concentration of media ownership into a few libertarian hands, with the exception of very few independents and public TV and radio.