Postmedia Reports Third Quarter Results

“With over 85% of all digital advertising being allocated to foreign platforms, the entire Canadian media sector remains significantly distressed. Yet Canadians’ appetite for trusted journalism has never been higher,” said Andrew MacLeod, President and CEO. “Initiatives like the Journalism Tax Credit and bill C18 implemented by the Federal government are providing critical support. Ultimately our industry’s future will be determined by Canadian media companies’ ability to capture a greater share of the market and so we applaud the Ontario government for their commitment to spending 25% of their advertising dollars on Ontarian media platforms.”

Revenue for the quarter was $100.8 million as compared to $111.2 million in the same period in the prior year, representing a decrease of $10.4 million (9.3%). The revenue decrease was primarily due to decreases in advertising revenue of $6.5 million (12.0%) circulation revenue of $3.4 million (9.4%) and other revenue of $1.6 million (16.6%), partially offset by increases in parcel revenue of $1.2 million (10.8%).

Net loss in the quarter ended May 31, 2024 was $15.9 million, as compared to a net loss of $24.8 million in the same period in the prior year. The decrease in net loss was primarily the result of decreases in restructuring expenses, partially offset by a decrease in operating income before depreciation, amortization and restructuring and an increase in foreign currency exchange losses.
details at: https://www.postmedia.com/2024/07/11/postmedia-reports-third-quarter-results-11/

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