Last year was a profitable one for Black Press Ltd., the Canada-based owner of the Honolulu Star-Advertiser, as it bought, sold and merged newspapers.
Black bought the Beacon Journal in 2007.
An earnings report filed by Torstar Corp., which owns almost one-fifth of Black Press, shows the Victoria, British Columbia-based Black Press had an about $17 million profit excluding impairment charges during 2010. That compared with about $12.9 million of earnings in 2009.
The year was a busy one for Black Press, which publishes more than 100 weekly and daily newspapers and shoppers. It bought more than a dozen newspapers, at least four of which it closed.
The purchases included the Honolulu Advertiser, which Black merged with its Honolulu Star-Bulletin to create the Honolulu Star-Advertiser. In the process it fired more than 450 people as CEO David Black combined the operations while hiking advertising rates and prices for commercial printing at his Kapolei press.
Read the complete story in Hawaii Reporter
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