postmedia-logosPostmedia Network Inc. posted a sharp decrease in earnings in its first quarter, as a surge in digital revenue failed to make up for weak advertising and declining circulation revenues.

Chief executive officer Paul Godfrey doesn’t see things getting better, conceding in an interview that he expects print revenue to continue to decline by about 8 per cent a quarter. The company must cut as much as $80-million out of its operating budget in the next two years and aggressively increase its digital revenue, he said, to help pay down its $464-million debt and to make investments in the areas of the business that are making money.

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