Financial Times of Canada

Financial Times of Canada
FormatCompact (1912-1989)
Tabloid (1989-1995)
PublisherSoutham Inc. (1961-1989)
Thomson Corporation (1989-1995)
Founded21 June 1912
Political alignmentFree Market
LanguageEnglish
Ceased publication18 March 1995
HeadquartersMontreal (1912-1975)
Toronto (1975-1995)
Circulation5,000 (1962)
50,000 (1974)
105,000 (1987)
118,000 (1989)

Financial Times of Canada, originally entitled Montreal Financial Times, was a business-focused weekly newspaper published in Canada between 1912 and 1995.[1][2]

History

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The newspaper was first published on 21 June 1912, and was originally entitled the Montreal Financial Times. In 1961 it was bought by Southam-Maclean Publications Limited, owned by Southam Company Limited, which was later renamed Southam Inc.[1] Michael Barkway was named editor and publisher of the paper in 1962, staying in those positions until 1974, during which time circulation of the paper increased from 5,000 to 50,000.[3] On 1 July 1975 the headquarters of the newspaper moved to Toronto, Ontario.[1]

In the late 1980s the newspaper became locked in a circulations battle with other Toronto-based business publications, including the Globe and Mail's daily Report on Business, and Toronto Sun Publishing Corp's Financial Post.[2] John Macfarlane became editor in 1987. In 1988 the newspaper was revamped into a tabloid format, with a buff-coloured front cover,[4] and with a greater focus on analytical pieces.[2] However, this resulted in only a relatively small increase in circulation from 105,000 in 1987 to 118,000 in 1989, with the publication losing more than $10 million in 1988 and 1989. As a result, Southam Inc. decided to sell the newspaper, putting it up for sale on 26 October 1989, and announcing its sale to the Thompson Newspapers Corp., owners of the Globe and Mail in December 1989 for an undisclosed sum.[5]

Failure of the newspaper to compete successfully with the Globe and Mail's business section and the Financial Post after it switched to a daily format during the mid-90s led to a decline in the newspaper's fortune. Steve Lawrence was brought in to edit the paper in 1991 in an effort to save it, but left in 1993.[6][7] In 1993 the paper contested a gagging order brought against them by Miko Leung, president of MTC Electronic Technologies, on reporting on the content of court files including a lawsuit brought against Leung by his former wife, and questioned whether an announced Chinese business deal was in fact real.[8] By 1994 Miko Leung had fled to Hong Kong and the share-price of MTC had collapsed.[9]

By 1995 the newspaper had shrunk to a third of its peak size of 70 pages, with staff-cuts also being carried out. In 1995 it was decided to shut down the newspaper, with the final edition being published on 18 March 1995.[1][10]

Editor-in-chief

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References

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  1. ^ a b c d Mcgillivray, Donald G. (3 December 2012). "Financial Times". The Canadian Encyclopedia. Historica Canada. Retrieved 16 March 2021.
  2. ^ a b c d e f Todd, David (25 December 1989). "Buying the Times". Maclean's. p. 47. Retrieved 16 March 2021.
  3. ^ "Michael Barkway is Dead at 65; Leading Canadian Financial Editor". The New York Times. 23 October 1976. p. 28. Retrieved 16 March 2021.
  4. ^ a b Adams, James (29 August 2014). "Cover boy: John Macfarlane dishes on the stories behind his storied career". The Globe and Mail. Retrieved 16 March 2021.
  5. ^ "Southam sells Financial Times newspaper to Thomson". UPI. 11 December 1989. Retrieved 16 March 2021.
  6. ^ a b Roush, Chris (18 February 2018). "Lawrence, longtime biz journalist, dies at 75". Talking Biz News. Retrieved 16 March 2021.
  7. ^ Langan, Fred (18 February 2018). "Steve Lawrence, 75, was a highly praised editor who 'radiated energy' through any newsroom". THE GLOBE AND MAIL. Retrieved 16 March 2021.
  8. ^ a b Baines, David (8 February 1993). "Financial Times wants gag order lifted from MTC president's file". The Vancouver Sun. p. 40. Retrieved 16 March 2021.
  9. ^ Henriques, Diana B. (8 August 1994). "To Some Fund Managers, Red Flags Don't Mean No". The New York Times. p. A1. Retrieved 16 March 2021.
  10. ^ "Financial Times of Canada is folding after 83 years". The Vancouver Sun. 18 March 1995. p. 28. Retrieved 16 March 2021.
  11. ^ Frederick W. Gibson. Queen's University: Volume II, 1917-1961: To Serve and Yet Be Free. MQUP; 1 October 1983. ISBN 978-0-7735-6080-2. p. 54–.
  12. ^ "Times appoints editor". Financial Times of Canada. Vol. 73, no. 9. 27 August 1984. p. 3. Retrieved 16 March 2021.
  13. ^ "Leonard Cohen, Untold Stories - A Conversation with Michael Posner". Israel and Golda Koschitzky Centre for Jewish Studies. York University. Retrieved 16 March 2021.
  14. ^ McGillivray, Don (20 March 1995). "Death of Financial Times Marks End Of Era". Medicine Hat News. p. 8. Retrieved 16 March 2021.
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