Sun/Quebecor media to leave CP

Canadian Press, which is desperately seeking a new business model/ownership after CanWest bailed out a few years ago, is facing another crisis, as Pierre Karl Peladeau gave notice that it will leave CP next year. The story, from CP, notes that Peladeau is imploring its staff that times are tough and people need to be mindful of costs, much as the Aspers did a while ago with their staff. I’ve always predicted that the Sun chain would die before the former Southam chain (which would prosper from the Sun’s collapse gaining monopoly rights in most media markets). The Sun would at least go under and die; CanWest would likely go bankrupt and seek protection under new management. Grim days ahead for newspaper readers.

Canadian Press/Canoe, March 12 2009

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