Gloomy Outlook Persists for Newspaper Publishers Torstar and Quebecor

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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.

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