Wednesday, March 16, 2016
Could This Be The End of the Postmedia Empire?
As you know the Postmedia empire is in big trouble. It's buried under a mountain of debt, it's running out of money, and its reporters have been forced to tailor their articles to please their bosses.
If they attack Justin Trudeau they can keep their jobs, if not they're gone.
Well now it looks as if writers like John Ivison, or Andrew Coyne, are going to have to kick up their begging a notch.
For Postmedia's problems just got even worse.
The Wall Street Journal is reporting that Postmedia's largest shareholder is looking for buyers of its stake in the media organization. GoldenTree Asset Management LP, which specializes in corporate and structured debt, owns 52.36 per cent of Postmedia's variable voting shares and a portion of its debt, according to the company's most recent management information circular.
Golden Tree, the hedge fund that wants to sell its stake in the company, can't find anyone to buy it.
Several potential investors contacted by The Globe and Mail said they had been approached by GoldenTree but were not interested in making a deal. Postmedia appears to have little value to salvage – and what does exist will take a lot of heavy lifting to unearth, sources said.
Postmedia's debt, much of which is priced in U.S. dollars keeps growing, Its advertising revenue keeps shrinking.
Print-advertising revenue continues to decline by double-digit percentages, including a nearly 18-per-cent drop in 2015, while digital ventures have failed to take up the slack.
The price of a share which about two years ago was worth about $20, is now worth ten cents, which some say is not low enough.
So needless to say the Postmedia balloon is starting to look like it might share the fate of the Harper balloon it helped inflate...
And while I feel very sorry for Postmedia's ordinary employees, the newswriters, editors, printers, truck drivers, and all the others who could lose their jobs through no fault of their own.
I have to admit I have considerably less sympathy for its political commentators who turned the editorial pages into a branch of the Con propaganda service, to please their ghastly master Paul Godfrey...
Who made it very clear where he stood.
And whose political reporters were near the end reduced to competing with each other to see who could please Godfrey the most...
By finding any excuse to attack Justin Trudeau, like they never attacked Stephen Harper.
Even though most Canadians were happy with the Trudeau government, and glad to see Harper go.
So I can't pretend that I would be sorry to see them go.
Or see climate change deniers like this one lose their columns...
Or see that Con propaganda service bite the dust.
For out of its ashes will almost certainly spring something, or many things better.
So that would be something to celebrate.
In fact, I think I'll hire a really loud Mariachi band eh?
And take them with me to the funeral...
Please click here to recommend this post at Progressive Bloggers