The head of Métro Média announced that the Quebec newspaper publisher would declare bankruptcy this week, permanently ending its coverage of local government in parts of the province’s two largest cities.
CEO Andrew Mule said in a post Sunday on X, formerly known as Twitterthat the decision was made after the company abruptly suspended the activities of more than 30 hyperlocal publications, including Journal Métro and 16 print weeklies.
In a statement sent to employees on Aug. 11, Mule said he had been informed that the company no longer had the cash to continue despite what he described as a healthy balance sheet.
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On Sunday, Mule said the impending bankruptcy marked a sad epilogue to his 28 months at the helm of the company, and admitted he felt bitterness and a sense of unfinished business as local media fought for their survival across the country.
The company now has around 70 employees, including around thirty journalists whose temporary layoffs will become permanent, adding to previous waves of layoffs since last winter.
On Friday, Metroland Media Group – unrelated to Metro Media – also announced it would seek bankruptcy protection and move to an online-only model, as one of the nation’s largest media conglomerates shutters its television titles. community information. The decision means large swaths of Ontario are set to lose their local newspapers and more than 600 employees will lose their jobs.
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