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Postmedia Network Canada Corp. reported a net loss of $20.6-million for the third quarter Thursday as it scrambles to cut costs quickly enough to match a continued decline in advertising revenue.
The Toronto-based newspaper chain said revenue for the period fell 10.8 per cent to $171.0-million, down $20.8-million from the same time last year.
The owner of the National Post and another nine metro dailies across the country said print advertising revenue slipped 16.5 per cent to $94.7-million while digital ad sales dropped 4.3 per cent to $23.1-million. Revenue from print circulation was also down slightly to $49-million.
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