Nordstar says it is putting its Metroland Media Group division into creditor protection under the Bankruptcy and Insolvency Act as part of a restructuring plan.
“The media industry continues to face existential challenges, largely because digital tech giants have used their dominant positions to take the vast majority of the advertising revenue in Canada,” the company said in a statement.
Meanwhile, the company’s six daily newspapers, including the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and the Waterloo Region Record, will continue both in print and online.
News outlets have been under pressure for years as online giants like Google and Facebook owner Meta have scooped up advertising dollars.
Earlier this year, Ottawa passed the Online News Act, which will force digital giants to pay media outlets for content they share or repurpose on their platforms.
Meta and Google responded to the legislation by announcing they will block content from Canadian news publishers from their services before the law comes into force.
The original article contains 368 words, the summary contains 166 words. Saved 55%. I’m a bot and I’m open source!
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Nordstar says it is putting its Metroland Media Group division into creditor protection under the Bankruptcy and Insolvency Act as part of a restructuring plan.
“The media industry continues to face existential challenges, largely because digital tech giants have used their dominant positions to take the vast majority of the advertising revenue in Canada,” the company said in a statement.
Meanwhile, the company’s six daily newspapers, including the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and the Waterloo Region Record, will continue both in print and online.
News outlets have been under pressure for years as online giants like Google and Facebook owner Meta have scooped up advertising dollars.
Earlier this year, Ottawa passed the Online News Act, which will force digital giants to pay media outlets for content they share or repurpose on their platforms.
Meta and Google responded to the legislation by announcing they will block content from Canadian news publishers from their services before the law comes into force.
The original article contains 368 words, the summary contains 166 words. Saved 55%. I’m a bot and I’m open source!