Nordstar-owned Metroland Media Group says the move came in response to ‘unsustainable financial losses stemming from the changing preferences of consumers and advertisers’
Toronto Star publisher Nordstar Capital LP put its regional newspaper business into bankruptcy on Friday, a move that will see more than 70 weekly papers converted into digital-only platforms and 500 jobs eliminated.
Nordstar-owned Metroland Media Group launched a court supervised restructuring “in response to unsustainable financial losses stemming from the changing preferences of consumers and advertisers,” the company said in a statement. Metroland is also exiting the flyer delivery business. The company said: “We believe this restructuring is essential to MMG’s long-term health and growth.”
Toronto-based Nordstar, controlled by entrepreneur Jordan Bitove, will continue to publish six daily newspapers in both print and digital formats. The publications include the Toronto Star, the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and the Waterloo Region Record, will continue to serve their readers and communities in both print and digital formats.
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