TORONTO — Metroland Media Group plans to end the print editions of its community newspapers and will exit the flyer business as it seeks protection under the Bankruptcy and Insolvency Act as part of a restructuring plan.
The move, announced Friday, will mean the loss of 605 jobs or about 60 per cent of its total workforce.
"The media industry continues to face existential challenges, largely because digital tech giants have used their dominant positions to take the vast majority of the advertising revenue in Canada," the company said in a statement. Metroland is owned by NordStar Capital, which also owns the Toronto Star newspaper. The Star is not part of the restructuring.
The two companies were in talks regarding a possible deal that would have seen Postmedia and Metroland Media Group combine forces, while the Toronto Star would be managed by a new company.
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