James Bradshaw has an interesting story about SunPostMedia's inexorable slide into bankruptcy in the business pages of today's Globe and Mail.
Ha! I've been banging on that for well over two years.
What I'd like to see a real journalist like James Bradshaw do is a story about the financing the Godfrey team used to buy the former Canwest assets. If there really was $950 millions in cash involved in that purchase, which I don't believe for two seconds but which was widely reported at the time, the new owners would have been running a virtually debt-free company.
PostMedia and now SunPostMedia may be Canada's largest conglomeration of news platforms, but first and foremost it's a cash cow being milked to death by two or three unscrupulous hedge funds. In an ironic case of deja vu all over again, what Bradshaw wrote about the company today is almost identical to what was being written about Canwest in the year or two before it went tits up.
Headline of the future; "Paul Godfrey fronts investor group to buy former SunPostMedia assets out of receivership."
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