Postmedia Network Inc. [“PNI”] is Canada’s largest newspaper chain.  The company receives millions of dollars in government funding through the Canada Periodical Fund, the Canadian Journalism Labour Tax Credit, and the Local Journalism Initiative – plus millions more from the Google media fund. Sixty-three per cent of Postmedia is owned by Chatham Asset Management, an American hedge fund with ties to the MAGA Republican Party. Another fourteen per cent is owned by another American billionaire hedge fund investor.  Last spring, Postmedia reported debt of $364 million, most of that in high-interest bonds held by Chatham, which can sell off those bonds as securities. The most shocking part of this corporate set up is that it allows Postmedia to send tens of millions of dollars to its American masters every year, while at the same time crying poor and in need of money from the Canadian government. What does Canada get out of this? A marked decline in quality journalism and local news coverage. Fewer jobs in newsrooms, sales, and production across the country. Punishing working conditions and overworked employees. Low salaries that make it difficult to hire and keep staff. Paltry wage increases below inflation, which leave workers worse off every year. What … Continue reading Open Letter on Postmedia’s Abuse of Canadian Taxpayers’ Money