Postmedia delays Q2 report to late May because of uncertainty caused by COVID

TORONTO – Postmedia Network Canada Corp. will delay the release of its next quarterly report by as much as six weeks as a result of relaxed filing rules that have been put in place by securities regulators because of the COVID-19 pandemic.

The Toronto-based company owns the country’s largest chain of newspapers, including the National Post, Vancouver Sun, Ottawa Citizen and Montreal Gazette.

It says in a brief statement that Postmedia and other members of the industry have seen a negative impact on their advertisers and their advertising programs.

Postmedia didn’t reveal any details about its current financial situation in Monday’s announcement, which says its quarterly filing for the period ended Feb. 29 will be completed by May 27 instead of by April 14.

Its vice-president for communications confirmed in a phone call that CEO Andrew MacLeod will take a 30 per cent cut to his salary while the company grapples with the crisis.

MacLeod wasn’t immediately available for comment on what other measures are being considered by Postmedia.

This report by The Canadian Press was first published April 6, 2020.

Companies in this story: (TSX:PNC.A, TSX:PNC.B).

Note to readers: This is a corrected story. An earlier version said Andrew MacLeod is Postmedia’s publisher. In fact, he is CEO.