Torstar Corp., publisher of the Toronto Star, reported lower revenue for the third quarter of 2017, though growth at VerticalScope helped partially offset declines in print advertising revenue. Torstar said segmented adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $11.2 million in the quarter, down $1.9 million from last year. Torstar ended the third quarter of 2017 with $51.4 million of cash and cash equivalents plus $9.1 million of restricted cash, and zero bank debt. “Transformation of our core brands is our top priority and I am pleased by the progress we are making,” Boynton said. Real transformation is a re-invention at the core of what the company does, and as a result it takes time.

Source: thestar November 01, 2017 10:30 UTC