Postmedia sells Victoria Times Colonist, weeklies

Well, the company that defines itself as “primarily in the large, urban newspaper business” (CEO Paul Godfrey), has sold the Victoria Times Colonist, a large urban newspaper, to Glacier Media, along with 20 community newspapers. The communities are a bit of an odd sale; they actually are profitable, money machines. Godfrey says he wants to pay down debt; surely one of the best ways to do that is keep your profitable enterprises and use them to pay down debt. And another way is to sell/close your unprofitable enterprises, like the National Post. The Times Colonist is another matter. The paper was added to the sale “following failed attempts to have the paper’s union agree to cost-cutting measures.” Might be tough times ahead for the union, though given it is a monopoly newspaper, the TC should be a money-maker anyway for Glacier. Maybe this is a harbinger of things to come; the Postmedia selling off its profitable bits until it’s left with the National Post, which then has to shut down because there is nobody left to subsidize it. Just hoping…

Victoria Times Colonist suspends summer Monday editions

The TC announced Saturday it is suspending its summer Monday editions effective June 22, following the lead of the National Post. In a related manner, CanWest’s debtors and bondholders have given CanWest another extension on its debt, I believe till May 22, as all parties try to figure out how to get their debts paid off.  So, I wonder how long it will take for the other CanWest dailies to follow suit? Likely not too long. (and does this mean my subscription will come down? Not likely.)

Victoria Times Colonist, May 9 2009