Sifton out at Sun Media as Peladeau consolidates control

It depends upon perception, but the announcement at the end of last week that Quebecor Inc. is integrating Sun Media and its national web portal Canoe under the leadership of Pierre Karl Peladeau, president and CEO of Quebecor meant that Michael Sifton was out.

Sifton sold his Osprey Media group to Sun Media and became its president and CEO a year ago September. Osprey brought a stable of smaller daily and community papers and consumer magazines into Sun Media. Now after disappointing financial results (sales up, but profit down), Sifton took the fall. He made a graceful exit (and his part in the spinning) when he said in a statement:

"I am happy to have been given the opportunity to integrate Osprey Media in Sun Media organization. I leave behind talented people and a strong team that will no doubt successfully take on the challenges that our changing environment is bringing"

Peladeau, or PKP as he is known, has taken over other divisions before, not always to the best effect -- for instance, Quebecor World, the printing arm of the company, which has essentially been disowned and vanished into bankruptcy protection in a welter of red ink. (See posts passim).

Quebecor reported a third-quarter profit of $45.6 million, or 70 cents a share, reversing a loss of $35.2 million, or 55 cents a share, in 2007's third quarter. Revenue rose to $908.1 million from $834.6 million.