RE:Cut Expenses ! !Hi FLG,
A chimpanzee equipped with a chainsaw can cut costs. The secret to profitable newspaper organizations is rooting out non-value added costs and prudently investing in areas that attract, retain and create value for both readers and advertisers.
The problem with Torstar in broad terms is they didn't recognize the massive structural changes in the industry until it was too late. Senior executives and the Board arrogantly believed Canada's largest newspaper was too big and powerful to fail and that burying their heads in the sand was the solution.
Look at the current directors? Do you see one successful business person with the faintest idea on how to deal with a business in transition? This is a toothless geriatric gang of fee collectors going along for the ride until they run out of funds to line their pockets.
There are many profitable newspapers in the world and finding out how they are profitable doesn't require a big consulting firm to figure out. Is it challenging? Yes, but the days of surviving bloated management, cronies tucked away in high-paying sinecures, boneheaded investments and paying executives and board members like you're still a $1.5 billion enterprise are done.
Honderich has presided over this mess for more than a decade and the Voting Trust needs to finally come to its senses. Honderich is hopelessly out of his depth and no one around that boardroom table can argue to the contrary. Time for him to walk the plank and to welcome new leadership.