Monday, October 6, 2014

SELLING SUN 'NEWS' IS GOOD NEWS

My regular readers will know how much I (have little regard for) Sun Media and its fine line of newspapers. Imagine my non-surprise this morning when I awoke to the news that Qu├ębecor has sold its Sun Media English-language 'newspaper' operations to Postmedia. In relative terms, the deal was an inexpensive one: 175 'newspapers' for 316 million dollars. (Borrowing costs are low at the moment.)

The human cost, after all, many of these people will soon lose their jobs, is 2,400 employees. It's the usual line, being held this morning in board rooms filled with marshalled workers: "Don't worry, your jobs are safe."

Postmedia honcho Paul Godfrey (one of the Toronto Sun's founding fathers) says that Sun will be allowed to live as a separate entity... alongside Post properties, even in the same markets. Yeah... right.

Rumour has it that the Toronto Sun was sold separately and symbolically for "one dollar"....

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