Postmedia CEO Paul Godfrey says newspapers will survive but with reduced numbers

Postmedia CEO Paul Godfrey says newspapers will survive but with reduced numbers

Postmedia Network Inc. CEO Paul Godfrey says he thinks more Canadian newspapers will close in the next few years but printed news will still exist a decade from now.

Last week, Postmedia and Torstar Corp. announced they would trade 41 newspapers and close 36 of them, mainly in Ontario regions served by multiple publications, at a cost of nearly 300 jobs.

Godfrey says in an interview he doesn’t think Torstar got the better end of the deal, even though it is keeping open four of the seven small daily newspapers it bought from Postmedia, while Postmedia is closing all but one of the community newspapers it bought from Torstar.

He says the companies were very careful not to discuss what each was planning to do with the assets it was buying to ensure there was no hint of collusion, which he pointed out is illegal in Canada.

Meanwhile, he says he applauds the Quebec government for its plan announced Monday to spend about $19 million to help newspapers in the province transition to digital platforms.

He adds Postmedia is looking at following the Globe and Mail’s switch to narrower paper to save money on newsprint but no decision has been made and it’s not clear it would be possible on its printing presses.

“Look, there isn’t a newspaper anywhere in North America that can be smug about the situation as it is,” he says.

“Print advertising is falling and we’re not far enough down the road digitally, although we are on the digital path … We think that if we have the time we will continue to make it and have some form of existence going forward.”

Just Posted

(Jennifer Smith/Black Press file photo)
Poll: Should Penticton hold Canada Day celebrations this year?

The spotlight on residential schools has caused the rethinking of Canada Day

(Facebook)
New trial date set in Penticton for Thomas Kruger-Allen’s triple assault charges

May trial was delayed after Crown witnesses failed to show up

A for sale sign is shown in by new homes in Beckwith, Ont., just outside Ottawa, on Wednesday, Jan. 11, 2018. THE CANADIAN PRESS/Sean Kilpatrick
Thompson-Okanagan population grew despite COVID-19: report

The Chartered Professional Accountants of BC said there are 8,462 new residents in the region

Scales of Justice
Acquittal in Okanagan crash that killed vacationing dentist

Daerio Romeo, 29, was charged with dangerous driving causing death and bodily harm

Renderings of what the skating rink could look like beside City Hall between Martin and Main in downtown Penticton. (Activate Penticton image)
Penticton to get outdoor ice rink this winter

It’s hoped the rink will be ready to host 2022 BCHL’s 60th year celebration

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

Vernon-Monashee NDP MLA Harwinder Sandhu supported a motion in the B.C. legislature for Canada to create a national Indigenous History month Monday, June 13, 2021. (Contributed)
Canada needs a national Indigenous History Month, Vernon MLA agrees

Harwinder Sandhu supports motion to recognize June as month to advance reconciliation efforts with First Nations

Orange ribbons are tied to the fence outside Vernon’s Gateway Homeless Shelter on 33rd Street. (Jennifer Smith - Morning Star)
POLL: Low-key Canada Day in the works for Vernon

Councillor calling for Indigenous recognition for 2022

A conceptual design of Vernon’s new Active Living Centre, which will go to referendum Oct. 15, 2022. (Rendering)
Active living centre 2022 referendum planned in Vernon

City hoping to get Coldstream and Areas B and C back on board

Closure of the 2900 block of 30th Avenue will allow restaurants and other businesses to extend their patios onto the street. (Jennifer Smith - Morning Star)
Green light given to downtown Vernon road closure

Single block of 30th Avenue to close over summer months to boost business

Graduating Grade 12 student Savannah Lamb has been awarded an approximate $40,000 scholarship from the Beedie Luminaries foundation. (Contributed)
Dedicated Salmon Arm student earns scholarship to pursue post-secondary education

Savannah Lamb is graduating from Salmon Arm Secondary with a $40,000 scholarship

A provided photo of the suspect. (Kelowna RCMP/Contributed)
Kelowna RCMP investigating after business robbed

An undisclosed amount of money and merchandise were taken from the business

(Black Press Media file)
Dirty money: Canadian currency the most germ-filled in the world, survey suggests

Canadian plastic currency was found to contain 209 bacterial cultures

Most Read