As Ad Revenue Continues To Drop Torstar Cuts More Staff

At the beginning of March, Torstar [TCO] had launched their Torstar Local, a digital-only news and information product that combines local news with contributions from community groups. While this was the right decision by the publisher it came at a time when forces were just too great – COVID-19.  The global coronavirus pandemic has had such a significant impact that advertising dollars where marketers are cutting budgets, publishers of all sizes are losing revenue opportunities.  This week John Boynton, CEO of Torstar during an online all-staff town hall meeting shared with staff that Torstar has seen a significant drop in its advertising revenue.  As a result the company is eliminating 85 roles with Torstar as it looks to cut its operating budget due to the COVID-19 pandemic.