Postmedia looks to chop more costs

The company that owns the National Post, the Toronto Sun and other major Canadian newspapers says it had a $4.2-million net loss for its fiscal first quarter.
Postmedia Network Canada Corp. says last year’s acquisition of Quebecor’s Sun Media newspapers helped push up the combined company’s revenue to $251.1-million – up from $169.5-million for Postmedia alone.
However, the company is aiming for cost reductions of $80-million by mid-2017.
The company says it expects the first $50-million of savings will be implemented by the end of its fiscal third quarter, which ends May 31. It didn’t say how it would achieve those savings.
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