Breaking News Story

Are major Canadian media outlets in even more serious trouble than anyone has ever considered? Read on and you can decide that based on some astounding news that just came out about a major Canadian publication. At least, that is what I think you should consider, dear reader.

It is absolutely amazing how many great news stories I have found over the past little while. It does keep me very excited when I read the newspaper headlines in front page stories that are just published or hear something on radio or television news about a very interesting matter. Sometimes, I just cannot believe what I am seeing or being told because it just seems so fantastic.

It could well be that it is really my fault. I may not have been following something that I should have been and then when something dramatic happens, it is no wonder that I'm so shocked. 

To be honest, that may happen to me more these days. Sure, it could well be that is my fault for not being so up-to-date. However, I also take the point of view that a lot of things are happening in this weird economy in which we are now living so that things happen all of a sudden.  In other words, no one may know about a subject until the last possible second when an announcement is finally made publicly.

Let me give you a prime example of what I'm talking about that just seems to be a huge surprise.

MAJOR CHANGES IN TORONTO STAR

I just could not believe it when I heard about it. I never expected something like this:

"Torstar CEO David Holland to step down

James Bradshaw, Globe and Mail, July 6, 2016  

The president and Chief executive officer of Torstar Corp., David Holland, will retire later this year, clearing the way for a significant change in leadership at the company that publishes the Toronto Star. 

Torstar announced Wednesday that Mr. Holland, who joined the company in 1986 and has served as CEO for seven years, will leave “later this fall,” and has begun a search for his successor. 

Mr. Holland’s decision to leave comes just two months after John Cruickshank left as the Star’s publisher. Mr. Cruickshank suggested it was time for generational change as newspapers navigate a difficult shift to digital platforms." 

Wow, two of its senior leaders are leaving at about the same time. One could possibly go but two of the senior people. How could that possibly be!

Obviously, we all knew about problems that other newspapers in Canada are experiencing but I must admit that I never knew that the Toronto Star was in such a dangerous economic position that it seems to be in now. Here are some things that I read in the Globe story as well that really were stunning to me:

"Torstar has struggled financially of late, posting a $53.5-million loss in the first quarter of 2016 thanks in part to one-time charges. But persistent pressures remain, as print advertising revenue continues to decline and readers have been slower than the company expected to latch onto the Toronto Star’s expensive and ambitious tablet edition. 

The company’s stock price has also plunged to $1.67 at Tuesday’s close on the Toronto Stock Exchange, from $5.95 a year ago."

It may well be that something happened which might be quite nasty. What it was I have no idea:

"At the time of Mr. Cruickshank’s departure, which was official in early May, Mr. Holland also assumed the publisher’s duties, and gave no indication he might be considering an exit."

Wouldn't you rationally ask the question then about why the gentleman is leaving. I would point out to you what I saw in the Toronto Star which I believe supports what I'm saying:

"After a very fulfilling 30-year career at Torstar, I am announcing today with mixed emotions that I am retiring as president and CEO,” he told staff in an internal memo Wednesday.

“From a personal perspective, this is the right time for me to retire.” Holland, 58, said." (Sunny Freeman, Toronto Star July 6, 2016)

Mixed emotions? I wonder what that means.

If one reads the rest of the article, it really is not all that much of a news story which might suggest something significant was going on amongst the senior people within the newspaper that might have caused people to leave. I have no idea whatsoever about what is happening or if there was another reason for these changes within the Executive level.

Well, one would not expect that kind of information to be published in the Toronto Star anyway. I wonder if other media outlets will try and find out what was going on and what will happen now.

I saw this in the Toronto Sun reported a few months earlier. I wonder as well if it had any impact about what just took place:

"Torstar loss soars to $53.5 million as revenue falls, expenses rise 

THE CANADIAN PRESS May 04, 2016

Torstar Corp. says John Cruickshank will be stepping down as publisher of the Toronto Star and president of the Star Media Group, effective May 4. His responsibilities will be assumed on an interim basis by Holland... 

TORONTO -- Torstar Corp.'s first-quarter loss soared to $53.5 million as the company recorded extra expenses related to its transition towards more digital media and revenue fell at its traditional newspaper businesses. 

The publisher of the Toronto Star, other newspapers and numerous websites saw its total operating revenue drop by 13.5% to $156.7 million from $181.2 million a year earlier."

It will be very fascinating for me to see how this matter is reported as time passes if anything is discussed about it at all in any way. It will be interesting to see if there was a background situation that caused these changes within the Star so seemingly suddenly.

However, who knows if it will be considered the right thing for other newspapers to discover at all these days.  After all, what impacted the Toronto Star might be impacting them as well.