Newspaper giant to file for bankruptcy permanently ending coverage in 2 largest cities as CEO admits ‘infinite sadness’
A NEWSPAPER giant has announced its impending bankruptcy – prompting its boss to express his “infinite sadness and regret”.
Métro Média CEO Andrew Mule said it was the “end of an era” after the company confirmed the permanent cessation of its coverage in parts of Quebec’s two largest cities.
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According to CTV in Canada, the company is expected to file for bankruptcy this week.
Mule said the bankruptcy decision came after the company suddenly suspended operations of its more than 30 hyperlocal publications in August, including the Journal Metro and 16 print weekly newspapers.
Métro Média employs around 70 people, including around 30 journalists – whose temporary layoffs will now become permanent.
The Toronto Sun said the job losses were a result of previous rounds of layoffs since last winter.
Mule wrote on X, formerly known as Twitter, on Sunday: “Today opens an important chapter in the history of media in Quebec.”
“The Journal Métro as you knew it no longer exists.
“The decision to proceed with the voluntary transfer of Métro Média’s assets has been ratified.
“So it’s the end of an era… I think about my teams, about our readers and I feel endless sadness, a lot of bitterness and regret.”
He added a link to a business article in digital Montreal newspaper La Presse that revealed: “The company Métro Média, which owns the Métro newspaper and 16 local weekly newspapers, will go bankrupt next week.”
“Métro Média management made the announcement via email to employees on Sunday morning.”
That email allegedly said: “The temporary layoff (in August) will therefore now be a permanent layoff.”
The company announced the immediate cessation of its activities on August 12, La Presse said, adding that Mule had criticized the lack of government support.
He complained about X: “I have a terrible taste of unfinished business.”
“For more than five years, I have put all my heart, all my energy and all my passion into this adventure.”
LOCAL NEWS
Mule added: “Despite a complex legacy, structural difficulties, unexpected obstacles and the current challenges facing our industry, we have been on a path to success. We had a successful digital transition.”
“What saddens me most since the announcement of the suspension of Métro activities is that the real debate has been forgotten.”
“We’ve talked too much about dividends, and I agree with that… and we’ve forgotten what’s important, the survival and sustainability of local information.”
“Not a day goes by without someone speaking to me about the importance of local media and its fundamental role in the vitality of our democracy.”
“It is therefore time to have a positive and peaceful debate and refocus it on what matters, the future of local media.”
Fear of democracy
Patrick White, who teaches journalism at the Universite du Quebec in Montreal, told The Canadian Press last month that Métro Média’s closures would lead to “news deserts.”
It was “very, very bad news for local democracy,” he added.
The Toronto Sun said White also warned of the end of hyperlocal news in the province’s two largest cities – particularly coverage of county council matters.
Both districts oversee many municipal services, including urban planning, waste collection and maintenance of local streets and parks, it said.
Métro Média’s website says that in 2018 the company acquired 21 metropolitan publications and eight publications in the state capital, “ensuring a significant local presence in the province’s major urban centers.”
“Through the same transaction, the company acquired the most read free newspaper on the island of Montreal: Métro and its digital platform.”
“A strong urban brand that is firmly anchored in the hearts of Montrealers.”
It also said it was “produced by and for Millennials, because 25- to 40-year-olds are the decision-makers of tomorrow.”
“The average age of the Métro newsroom is 33 years old.
“Local news is more important than ever to defend the interests of citizens.”
The US Sun has contacted the company for further comment.