It's no secret that Postmedia Network, publisher of the National Post, Ottawa Citizen, Montreal Gazette, Calgary Herald, Edmonton Journal, Vancouver Sun and other major Canadian dailies, is hemorrhaging money.
For the year ending August 2013, the company lost $154 million. And the bleeding continues. In the six months since, the company has lost an additional $37 million. Revenue from the company's traditional mainstay, print advertising, has tanked.
What isn't as well known is that during this downward spiral, Silver Point Capital, an American hedge fund, bought a 19 per cent stake in the company.