Metroland Media Group, publishers of the Renfrew Mercury and Arnprior Chronicle-Guide, says it 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 this morning (September 15th) will mean the loss of 605 jobs or about 60 per cent of its total workforce.
Metroland says the decision is a result of unsustainable financial losses stemming from the changing preferences of consumers and advertisers.
Under the plan, Metroland’s community publications will move to a digital only model.
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.
Metroland is owned by NordStar Capital, which also owns the Toronto Star newspaper. The Star is not part of the restructuring.
source: the Canadian Press