Tuesday, November 03, 2009

None dare call it "capitalism."

Huh. How odd:

According to documents, the [National] Post has suffered an unbroken string of losses since its inception in 1998.

It now owes $139-million to CanWest Media, the holding company for some of CanWest Global's operating assets.

The newspaper, which employs slightly less than 300 people, was $9.3-million in the red last year, the documents say.

In its worst year, 2001, the Post lost $60-million.

But, over the years, they've been delighted to give you financial advice. Go figure.


Southern Quebec said...

If Cramer can tell people "it's time to buy CIT!", a couple of days before it files for one of the largest American bankruptcies, then the NationalToast is just as qualified.

sooey said...

It helped elect the Conservatives, too, don't forget.

liberal supporter said...

It helped elect the Conservatives, too, don't forget.
So appoint it to the Senate. After all, Caesar Harper has already appointed his horse, I mean his Duffy, so there's precedent.

Ti-Guy said...

This is what bothers me the most (from the article):

"CanWest stopped disclosing in its financial statements how much the Post was losing after it acquired control of the newspaper from Conrad Black's Hollinger International Inc. in 2001."

There were always rumours that The Post was losing money, but you couldn't really point to any evidence that confirmed it.

This is worst problem with large corporations with multiple holdings. You can't make really informed investment decisions because you have no real idea what activities of theirs are profitable or not.

Antonia Z said...

Remember when its house media critic Warren Kinsella kept writing about what great shape it was in and how the Star's resident media critic never wrote about what poor shape the Star was in?

I do.

Ti-Guy said...

Kinsella was a media critic at The Post? Now why don't I remember that?

Although I don't like Kinsella, he has redeemed himself somewhat since then by openly feuding with some of the Posties. That's fun for the whole family.

We need a media critic at the CBC. Something along the lines of NPR's On the Media or the BBC's Newswipe. I don't understand why that's so difficult in this country. The public would *love* it.

sooey said...

I replaced your "redeemed" with my "further debased" and "somewhat" with "as per usual" so it would read funnier.

Ti-Guy said...

Did you get sued by Kinsella? Is that were sooey comes from?

sooey said...

Silly rabbit - I'm a girl - I fall way below his gaydar. Just kidding, I mean gay in the lame sense.

Although, I mean dar in the man on man sense.

Just kidding, again. He's no gayer'n Michael Ignatieff, I'm sure.

My real name is Slooey, anyway.