Sunday, July 4, 2010
The Toronto Star Buys The Canadian Press
The Toronto Star and its subsidiary the Globe and Mail are teaming up with La Presse to take over the non-profit Canadian Press. It is not yet clear what role if any the Toronto Star will have over the new for profit entity, whether their stories will get distribution preference, or whether they can influence staffing decisions and editorial positions. Time will soon tell what this new entity will look like. Evidently what has sunk the Canadian Press are the generous pensions given out by a not for profit organization. It just seems off to me that a 34 million dollar pension deficit could even exist at a non-profit organization. Something about that number seems absurd under the circumstances.
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Is this a reaction to Kory-TV ???
ReplyDeleteBut when SunMedia wants to start a television network, that's bad. ;)
ReplyDelete"...CP’s union members, collective bargaining was delayed while the company worked out a restructuring plan."
ReplyDeleteDid they run this non-profit into the ground?
Will the coalition of the Globe-Torstar-Gesca have begun to bring the costs under control?
Media consolidation, any chance some will be raising any concerns?
Good find though .... interesting development.
ReplyDeleteFWIW.......
I've known some people who worked for CP over the years. Nice guys ... but way overpaid ... yeah I was jealous of their compensation packages.
On the other hand I know at least one who quit CP because of the internal BS and empire management within the organization.
For the last 20 years the only thing I've noticed or cared about CP is their editorial BS and their leftard writers predictable BS.
CP is a perfect fit for the G&M and Torstar.