Revenue for Owner of Major Canadian Newspapers Drops Again – Even on Digital Side

Postmedia Network Canada saw its revenue drop again, even on the digital side.

The company, which owns several prominent Canadian newspapers including the National Post and the Toronto Sun, hopes to reduce costs by $80 million by mid-2017.

But revenue is down 13% this quarter versus last year’s quarter. Stand-alone print advertising revenue fell 17.6%. Print circulation revenue fell 6.7%.

And digital media—where Postmedia hoped to grow—revenue slipped 5.7%. As a result, the company reported a $4.2 million net loss.

Last year Postmedia acquired Quebecor’s Sun Media, boosting revenue to $251 million.