Gloomy Outlook Persists for Newspaper Publishers Torstar and Quebecor
Posted: 5/9/2013 | By: Reuters via Chicago Tribune
(Reuters) - Canadian newspaper publishers Torstar Corp and Quebecor Inc
delivered more bad news to investors on Wednesday, saying that cost cuts
were failing to keep pace with an accelerating decline in print media
revenue.
Torstar shares fell as much as 9 percent to a three-year low after it reported a worse-than-expected 76 percent drop in first-quarter profit and a 6 percent fall in revenue from its media business.
Torstar shares fell as much as 9 percent to a three-year low after it reported a worse-than-expected 76 percent drop in first-quarter profit and a 6 percent fall in revenue from its media business.