And after stopping publishing last August, Metro Media’s CEO announced that they will declare bankruptcy this week. Sad, but predictable.
Person holds a phone displaying the home page of Metro Media Aug. 13, 2023. (CityNews)
By The Canadian Press
Posted Sep 17, 2023, 4:35PM EDT.
The head of Metro Media says the Quebec newspaper publisher will 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 Sunday post on X, formerly known as Twitter, that the decision was made after the company abruptly suspended operations at its more than 30 hyperlocal publications, including the Journal Metro and 16 print weeklies.
In a statement sent to employees on Aug. 11, Mule said he’d been informed the company no longer had the liquidity to continue despite what he described as a healthy balance sheet.
On Sunday, Mule said the impending bankruptcy marks a sad epilogue to his 28 months at the helm, and admitted he felt bitterness and a sense of unfinished business as local news struggles for survival across the country.
The company now has roughly 70 employees, including some 30 journalists whose temporary layoffs will become permanent, on top of earlier rounds of layoffs since last winter.
On Friday, Metroland Media Group – unrelated to Metro Media – also announced it will seek bankruptcy protection and shift to an online-only model as one of the country’s largest media conglomerates shuts down community news titles. The move means large swaths of Ontario are poised to lose their local papers and more than 600 employees are set to lose their jobs.