In a landmark ruling that marks the end of an era for Trinidad and Tobago’s media landscape, the High Court has officially ordered the liquidation of Daily News Ltd, parent company of the Newsday newspaper, after 32 years of operation. Justice Marissa Robertson granted the winding-up petition on January 23, effectively terminating the publication’s print operations that began in September 1993.
The court appointed Maria Daniel, a chartered financial analyst and partner at Ernst & Young Services Ltd, as liquidator tasked with assuming control of the company’s assets and managing debt repayment to outstanding creditors. The application faced no objections following its official publication in the Gazette on January 15.
Legal representatives for Daily News Ltd, including attorneys Gregory Pantin and Miguel Vasquez of Hamel-Smith and Company, presented arguments highlighting the company’s insolvency and inability to meet financial obligations. Pantin specifically advocated against provisional liquidation, emphasizing the need for immediate commencement of the winding-up process to minimize additional risks.
The petition cited Section 355(a) of the Companies Act as legal grounds for dissolution, stating shareholders deemed court-supervised liquidation “desirable and in the best interests of the company” given its unsustainable financial position.
While Newsday published its final print edition on January 9, its digital operations continue pending the liquidator’s assessment of their viability during the proceedings. The hearing also addressed concerns regarding archival preservation, with interested party Brent Mark Bristol requesting formal safeguards for the newspaper’s historical records.
Managing Director Grant Taylor previously characterized the closure as resulting from “a perfect storm of challenges” affecting print media globally. He cited multiple contributing factors including a 75% decline in print advertising revenue over the past decade, soaring production costs, changing reader preferences, and financial impacts from lengthy legal battles that left the company over $3 million out of pocket despite successful litigation outcomes.
Taylor noted that even a minimal price increase from $2 to $3 prompted 40% of readership to abandon the publication, reflecting broader industry challenges in monetizing content. Despite the closure, Taylor expressed pride in Newsday’s legacy of “unwavering independence” and emphasized the critical role of media in maintaining democratic integrity.