Friday, 22 June 2007

Feud coverage

Kudos to Quebecor's London Free Press and Osprey's Kingston Whig-Standard for publishing a Canadian Press version of the Quebecor/Torstar feud over the sale of Osprey.

At least one newspaper from Quebecor and one from Osprey let their readers know about the feud.

Grant Robertson over at the Globe broke the story about Quebecor's disputed solo $356 million offer for Osprey's 54 daily and weekly newspapers Thursday in his media column.

Canadian Press caught up to the story and it was in the London Free Press and the Kingston Whig-Standard today, along with a report on the Canadian Magazines web blog.

We haven't seen a word about the Quebecor/Torstar feud in the Toronto Sun, but it has been reluctant to make waves on issues involving potentially negative news about Quebecor.

And if Torstar did have a deal with Quebecor to share Osprey's newspaper holdings, that would definitely be negative news.

Stay tuned.

1 comment:

  1. Hi there,

    I won't promise I'm 100 per cent right, but I cover business in Alberta and if I read that release right... it means that recently Sun Media changed its accounting practices to reflect more closely with Canadian GAAP (Generally Accepted Accounting Practices). Canadian and U.S. GAAP are similar but slightly different (don't ask me to explain, I just know they are). As such the company had to restate financial earnings with the U.S. SEC. Those impacts are listed in the releases.
    Bottom line? The restated earning show the company's debt to be higher and earning less than before the GAAP restatment, but it's a not a sever blow or anything. I wouldn't worry too much about it.
    But I agree the release was written for accountants not journalists.

    Hope this helps, I'm pretty sure that's it but I'm off someone else please correct me!!