It can't be pleasant being in charge of the slow-motion sinking of the good ship Postmedia Networks, but Paul is making the best of it. Here's his take on the just released numbers that showed a $112 million loss for the last quarter:
“The transformation of Postmedia continued this quarter with the roll out of our paid content model to all of our newspapers, traction on our cost savings initiatives and the completion of our organizational redesign to a functional operating model,” said Paul Godfrey, President and Chief Executive Officer. “We will continue on this path, transforming a traditional media company into one that leverages future opportunities with a structure that supports a new model.”
Is that not some of the most inscrutable bafflegab you've ever tried to decipher? "The transformation continued" indeed! From a "traditional media company into one that leverages future opportunities."
I sure hope they arrive at that "functional operating model" soon. The dysfunctional operating model they've been operating with is getting a little long in the tooth.
And the shareholders must be holding their breath waiting to get a glimpse of the "structure that supports a new model." Will the new model be the first media network to operate entirely without paid employees? Can the operation be functionally operated with unpaid interns? Can they all telecommute from their homes, thereby saving the company the expense of office space?
Speaking of shareholders, one wonders what invisible hand is propping the share price up in the $1.50 range. Maybe it's time to sell off some of that $340 million in "intangible assets" on the balance sheet?