Nordstar, the company that owns the Toronto Star and other newspapers, announced Friday that it is seeking bankruptcy protection for the unit that owns more than 70 local newspapers and axing more than 600 jobs in the process.
Posted: Sep 15, 2023 1:14 PM EDT | Last Updated: 2 hours ago
The corporate parent of the Toronto Star is putting its regional newspaper business into bankruptcy protection and axing about 600 jobs in the process. The Toronto Star itself is not part of the proceedings.Nordstar says it is putting its Metroland Media Group division into creditor protection under the Bankruptcy and Insolvency Act as part of a restructuring plan.
The Metroland business owns dozens of community newspapers delivered alongside advertising flyers. Nordstar says it is getting out of the flyer business entirely and converting the newspapers to a digital-only format.Metroland says the decision is a result of unsustainable financial losses stemming from the changing preferences of consumers and advertisers.
Meanwhile, the company's six daily newspapers, including the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune and the Waterloo Region Record, will continue both in print and online.
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