Nov 15, 2012

Media briefs: paper cuts … Stutch’s view … First Bloke’s dirt …

Québecor Media, the owners of the Toronto Sun, one of Canada's major daily papers, is cutting 500 jobs from the paper and other dailies and community papers in its Sun Media division across the country. Plus other media news.

Glum news for overseas papers. Warren Buffett’s Berkshire Hathaway group has decided to close a paper recently bought from struggling publisher Media General. The job cuts include 33 employees of the Manassas News & Messenger in Virginia. A total of 105 jobs will be lost from the paper, and another 72 from corporate offices.

Berkshire agreed in May to pay $US142 million for 63 newspapers from Media General. It also lent $US400 million to Media General (at a rate Bloomberg said was a juicy 10.5%, compared to official interest rates of close to zero). The paper, which circulates in the northern Virginian suburbs of Washington, faces competition from The Washington Post where Berkshire Hathaway is the largest shareholder.

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One thought on “Media briefs: paper cuts … Stutch’s view … First Bloke’s dirt …

  1. zut alors

    What a relief the noble Jasper Rudd is not here to see the front page of the Herald Sun.

    It would make his whiskers curl, his claws extend.

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