TORONTO, May 7 (Reuters) – A grim newspaper advertising
market continued to hit revenue at Torstar Corp,
publisher of Canada’s largest-circulation daily paper, in the
first quarter, the company said on Wednesday as its journalists
mounted a protest against cost-cutting measures.
In its quest for cash, Torstar said last week it would sell
its Harlequin romance-novel publishing business to News Corp for
C$455 million ($418 million). The sale helped reassure investors
who have worried that the company’s dividend payout is
unsustainable, but it leaves Torstar more reliant on a
turnaround in its media business.