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Predatory owners suck the marrow from bones of Canada’s news media
(canadiandimension.com)
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this post was submitted on 07 Oct 2023
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"Postmedia should have gone bankrupt in 2016, when its revenues fell to where they could no longer service its more than $600 million in debt. Then-CEO Paul Godfrey pulled a fast one, however, by replacing its majority hedge fund owner with one from New Jersey and axing about half of the company’s debt to keep the shell game going. Few in Canada noticed the change in ownership, noted the New York Times a few years later, because it “happened so quietly that Postmedia’s own financial news site described it as a debt restructuring.” Postmedia is again under water and facing bankruptcy if Ottawa doesn’t bail it out."
Postmedia is done. They exist to pull the country apart. Let them rot.
Why would Ottawa not bail it out? It did already just a few years ago, and C-18 was clearly intended to bail them out again. While the latter is seemingly a failure, they'll find some way to keep them going.