Source: theglobeandmail.com Postmedia Network Inc. is accelerating plans to slash costs at titles across the country, as it grapples with a heavy debt load and a relatively bleak view of the future of print advertising. As the industry confronts a prolonged slump in advertising, Postmedia has moved aggressively to shore up its balance sheet and centralize the production of its newspapers. …

Source: reuters.com (The following statement was released by the rating agency) Overview — We are revising our outlook on Toronto-based Postmedia Network Inc. to negative from stable based on the company’s weaker-than-expected operating performance in the second quarter ended Feb. 29, 2012. — We are affirming all our ratings on the company, including our ‘B’ long-term corporate credit rating. — The …

Source:theglobeandmail.com The Ottawa Citizen and Vancouver Sun are putting up online paywalls and the National Post will sell its headquarters as Postmedia Network Inc.(PNC.B-T3.50-0.50-12.50%) struggles in a bleak advertising market that it doesn’t see improving any time soon. Read full story here

Source: thestar.com OTTAWA—A Canadian union is going to court in an effort to compel the federal government to rule whether the recently created Postmedia newspaper group meets Canadian ownership standards and is in Canada’s national interest. The Communications, Energy and Paperworkers Union of Canada (CEP) has asked the …………….Read story here    

Source: theglobeandmail.com The publisher of Canada’s largest chain of newspapers is lobbying Ottawa to allow more foreign investment in the newspaper industry, a move that would have significant implications for the sector if it were successful. read story here