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Yesterday's News Tomorrow
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Another sign of the decline of the printed newspaper: Quebecor, the Canadian media company, has sold its 175 English-language papers to competitor Postmedia for C$316 million. That's not a huge amount for major dailies (mostly tabloids) in Toronto, Ottawa, Winnipeg, Calgary, Edmonton, and elsewhere. And it's not all cash, it's about half new debt, half equity. This will give Postmedia monopolies in Edmonton, Calgary, Winnipeg, and Ottawa to go along with their existing Vancouver duopoly (they get a free daily from Quebecor in Vancouver) and means Postmedia owns every major English-language paper in Canada. All for a bargain price, as Quebecor now considers itself a digital company (they're not selling Sun News Network television). Does anyone buy printed newspapers anymore? (CBC)
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