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March 1 (Reuters) - Torstar Corp TSb.TO , the owner of one of Canada's largest circulation daily newspapers, reported a lower-than-expected quarterly revenue, as a decline in print advertising more than offset growth in its digital businesses.
Torstar, which publishes the Toronto Star and a string of other titles, has struggled to grow its digital businesses quick enough to offset the steady defection of advertisers from newspapers to social media and search sites such as Google (NASDAQ:GOOGL).
Print advertising revenue fell 13 percent in the fourth quarter ended Dec. 31, while revenue in its digital ventures climbed 5.5 percent.
Revenue dropped a bigger-than-expected 12 percent to C$188.4 million. Analysts' on average had expected revenue of C$210.3 million, according to Thomson Reuters I/B/E/S.
Torstar said Chief Executive Officer David Holland, whose retirement was announced in July, will step down on Friday, and that a successor will be announced very soon.
The publisher said overall revenue at Metroland Media Group and Star Media Group is expected to be stable this year.
The company said net income attributable to shareholders was C$1.3 million, or 1 Canadian cent per share, in the quarter ended Dec. 31, compared with a loss of C$234.8 million, or C$2.91 per share, a year earlier. an adjusted basis, the company earned 16 Canadian cents per share.
Analysts on average had expected Torstar to earn 8 Canadian cents per share, according to Thomson Reuters I/B/E/S. ($1 = 1.3308 Canadian dollars)