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.
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