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Canada’s Newspaper Giant Métro Média Announces Bankruptcy
Overview
According to CBC.com, and the the Montreal CTC News, Canada’s newspaper giant Métro Média is expected to declare bankruptcy this week, amid the permanent ending of its coverage in parts of Quebec’s two largest cities.
A Closer Look
Métro Média CEO, Andrew Mule, referred to the closing of Métro Média as the end of an era after the firm confirmed the permanent ending to the company.
Mule said the bankruptcy decision was made after Métro Média suddenly shuttered operations of its over 30 hyperlocal publications in August, including the Journal Metro and 16 print weeklies.
Métro Média utilized a staff of approximately 70 in total, including about 30 journalists — whose temporary layoffs will now become permanent.
The Toronto Sun documented how this extensive loss of employment follows previous layoffs that had commenfed last winter.
Mule wrote on X, formerly known as Twitter, on Sunday: “Today turns an important page in the history of the media in Quebec. The Journal Métro as you knew it no longer exists. The decision to proceed with the voluntary transfer of Métro Média’s assets has been ratified. It is therefore the end of an era… I think of my teams, of our readers and I feel infinite sadness, a lot of bitterness and regrets.”
Conclusion
Métro Média’s pending ending adds to the increasing global financial crisis that several business operations in America have experienced, including banks, clothing retailers, restaurants, and more.
[Note: This article is based on accredited news and media reports, including linked information attributed to CBC.com, CTC News, The-Sun.com, and The Toronto Sun.]
