Dow joins Postmedia board
In tandem with its Q1 report, the publisher announces the media veteran will join its board of directors.
It hasn’t taken long for media veteran Hugh Dow to be snapped up by an eager board of directors.
Today, Postmedia Network announced that Dow has been named to its boards of directors, made up of its corporate parent, Postmedia Network Canada Corp., and subsidiary, Postmedia Network Inc.
The former chairman of Mediabrands Canada announced his retirement from the media industry this fall, subsequently being named strategy‘s Media Person of the Decade in its December issue.
‘Joining the Postmedia Network board was an irresistible opportunity,’ Dow said in a release. ‘I have tremendous respect for the management team, people I have known for many years. I look forward to working with my fellow board members and contributing to the strategic initiatives of the company.’
Postmedia also released its Q1 figures Thursday, revealing a mixed picture of the still-new mediaco.
Despite stable revenue, Postmedia Network posted first quarter earnings of $5.6 million, down sharply from a profit of $61.8 million in 2010 for then Canwest LP.
Overall revenue for the three months to Nov. 30 came to $287.1 million, up $700,000 from a year-earlier period, with print advertising revenue up 1.6%, and digital revenue up 4.6%.
National revenue and insert revenue were also up, offsetting an ongoing 3.6% decline in classified, and print circulation revenue down 3.1% during the latest quarter.
Postmedia’s bottom line was dented, however, by restructuring costs, including $23 million incurred for employee compensation and the cost of a proposed TSX listing.
That left operating income down $25 million from the first quarter of 2009.
Postmedia also absorbed higher debt-servicing costs, as it managed to pay down $10.8 million against an outstanding debt balance at over $600 million.
Postmedia CEO Paul Godfrey offered cautious optimism on the company’s first full quarter in operation.
‘Looking forward, we face an uncertain revenue environment, and as a result continue to put significant focus on our operating cost reduction efforts and maintaining tight control over capital expenditures,’ he said in a statement accompanying the financial results.