‘Fairly big de­ci­sions’ are forth­com­ing for Torstar, new chief ex­ec­u­tive says

The Hamilton Spectator - - BUSINESS -

TORONTO — The new chief ex­ec­u­tive of­fi­cer of Torstar says “every­thing is on the ta­ble” in his plans to trans­form the me­dia gi­ant to over­come on­go­ing de­clines in print ad­ver­tis­ing rev­enue.

John Boyn­ton, who took over as the com­pany’s CEO and pub­lisher of the Toronto Star at the end of March, said ma­jor changes are in store to bet­ter de­ter­mine which con­sumers it wants to serve and what as­sets best ad­dress their needs.

“We won’t be round­ing at the edges,” Boyn­ton said Wed­nes­day, in an in­ter­view after the com­pany’s an­nual gen­eral meet­ing.

“We’ll be mak­ing some fairly big de­ci­sions.”

Torstar also pub­lishes the Water­loo Re­gion Record, The Hamil­ton Spec­ta­tor and com­mu­nity news­pa­pers across On­tario through its Metroland Me­dia Group.

Boyn­ton’s com­ments came as Torstar re­ported a $24.4-mil­lion loss for its first quar­ter, an im­prove­ment from last year when the com­pa­ra­ble losses were more than twice as big.

Torstar said it is aim­ing for $5.3 mil­lion in an­nu­al­ized sav­ings from the 110 pre­vi­ously an­nounced job cuts dur­ing the quar­ter.

“Cost re­duc­tions will re­main an im­por­tant area of fo­cus,” chief fi­nan­cial of­fi­cer Lorenzo DeMarchi said in a con­fer­ence call with an­a­lysts ear­lier in the day.

DeMarchi said re­struc­tur­ing mea­sures al­ready un­der­taken through the first quar­ter ended March 31 are ex­pected to re­sult in net sav­ings of $13 mil­lion for the bal­ance of the year.

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