The Company Making Millions From Dying News

19 snips

Nov 10, 2025

In this engaging discussion, reporter Gemma Boothroyd reveals the intriguing world of Canso Investment Counsel Limited, a powerful player in Canadian media. She uncovers their contrarian strategy in investing in distressed news companies and how they profit from high-interest debt payments. Gemma explains the significant control Canso holds over Postmedia's operations, including editorial influence that shapes the national news landscape. The conversation also debates whether Canso is a savior for struggling media or merely a vulture capitalizing on their downfall.

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INSIGHT

Hidden Power Of A Bond Manager

Canso Investment Counsel quietly wields outsized influence by holding distressed media debt and equity stakes.
They profit from interest and control rather than reviving long-term journalism economics.

ANECDOTE

Carswell's Distressed-Asset Strategy

John Carswell built Canso by hunting unpopular, distressed investments like BlackBerry and Yellow Pages.
The firm prefers lending to and buying troubled Canadian legacy assets rather than backing startups.

INSIGHT

Interest As The Main Revenue Engine

Canso makes steady returns by charging high interest on loans to distressed news companies.
Interest payments can total tens of millions yearly even if the borrower remains unprofitable.

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Picture yourself driving north of Toronto into big-box suburban territory. You turn off into a little industrial parkade. There's a Keg, a Moxies, and then a stubby beige office building, six storeys high. In a fifth floor suite you will find Canso Investment Counsel Limited. Canso might be the most powerful media company that we have never talked about here at Canadaland.

And they may be one of the few companies in Canada that is still making serious money off of Canadian news companies. Who are they? Why do they keep bailing out dying Canadian legacy news companies? What do they expect in return? And what does it all mean for the news?

Host: Jesse Brown

Credits: Gemma Boothroyd (Reporter), Tristan Capacchione (Audio Editor), Bruce Thorson (Senior Producer), Jesse Brown (Editor and Publisher)

Fact checking by Julian Abraham

Additional music by Audio Network

More information:

This might be the only company able to make money off Postmedia — The Globe & Mail
Meet the Canadian Whose Claim to Postmedia Trumps GoldenTree's — Bloomberg
Corus Entertainment Bondholders to Take Control in Debt-for-Equity Swap — Bloomberg
Corus lenders revisit a well-worn restructuring path — The Globe & Mail
Black Press emerges from creditor protection — CBC

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