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July 05 2010

13:53

POST MEDIA, WHAT? ANOTHER TRICK FROM BAD NEWSPAPER PUBLISHERS

090807_top_canwest

Canwest, a Canadian media company that wanted to play as a great newspaper publishers, has failed miserably.

Losing circulation.

Losing advertising.

Losing a lot of money.

Firing a lot of… decent journalists.

And I suspect, keeping a lot of bad managers.

A few years ago I had the opportunity to listen a presentation of its CEO at the Canadian Newspaper Association annual meeting in Winnipeg.

As soon as he ended my only reaction was:

Too much talk about business plans, money, strategic plans, money, money, money… and almost no references to journalism!

Always the same sad story.

Well, now the survivors ad the saviours have found the secret.

They are changing the name of the company: from Canwest to Postmedia Network.

Great trick!

Canwest is being sold for C$1.1 billion, including C$950 million in cash which will fully pay off Canwest’s bank lenders, who are owed C$925 million.

Good luck!

(PRO)
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