G&M;
The efforts to assure jittery Torstar investors came on the heels of a management shakeup at the Toronto Star this week, which saw two top executives replaced as the company restructured its newspaper business.
Shareholder discontent is said to be behind the changes as the controlling families at the newspaper company grow increasingly unhappy with its deteriorating financial performance.
*Torstar will report its third-quarter earnings in two weeks. In August, the company reported a 29-per-cent drop in profit.*
Chief executive officer Rob Prichard said the company is trying to reduce costs at a time when Torstar shares have hit their lowest point in nearly five years.
“Torstar continues to take every available step to improve the performance of the business,” Mr. Prichard said. “We are acting like all other companies in our industry that make changes in response to industry conditions.”
The company’s debt was downgraded by Moody’s Investors Service Inc. Tuesday to low investment-grade status, and the bond rating agency said it was dropping coverage of Torstar.
An inside look at the Post
I still remember well the whining s***fit Michelle Landsberg took when Ronald Reagan(RIP) got elected.
Michelle and Steven two creeps made well and truly for each other.