This is an ongoing series on media companies dealing with online challenges.
Since I first reported on Canadian Economic Press or CEP News last week, I have heard back from company spokeswoman Paula Midena. Frankly, I’m still not a whole lot clearer on what niche it is exactly that CEP News occupies, but maybe others will be able to provide some insights.
Midena’s e’mail says, “Most of the real-time news agencies in Canada are Canadian subsidiaries of US companies and this is why CEP News was created: To Report On Global Economic News From A Canadian Perspective. With newsrooms and correspondents in Montreal, Ottawa, Washington, London, Frankfurt and Sydney, CEP News delivers breaking macroeconomic news and thorough reporting on events affecting the global fixed-income and foreign exchange markets. We deliver superior content, as well as in-depth analysis and reviews of economic events as they happen.”
When I asked for a specific example of economic news that wouldn’t be covered by Reuters, AP Dow Jones or Bloomberg, Midena suggested that if the governor of the Bank of England mentioned Canada, CEP News would report it. Well, that’s all well and good except for the fact that the governor of the Bank of England just about never mentions Canada.
In our phone conversation, Midena also stressed that CEP has the “best coverage of Canadian economic indicators anywhere.” And she noted that it is “the only Canadian news company accredited at the US Department of Labor and the US Department of Commerce.”
I must say I am a bit sceptical about the claim to be the best given that CEP News appears, from its employment ads and my sources, to hire fairly inexperienced journalists, and indicators are a reporting area where it’s very easy to get it spectacularly wrong.
I also continue to be puzzled by the fact that there’s so little news out there about Canadian Economic Press. AnnBrocklehurst.com now shows up on the first page of the Google search results when you look up “Canadian Economic Press.” And what’s more, I can’t find any online or database references to the organization’s head, identified to me as Darren Corbett, nor to its original investor, Canadian Venture Media Corporation.
In any case here’s the company’s full statement as well as, what it calls, “a media piece” pasted below:
Founded in 2005, CEP News provides real-time economic news and information from a Canadian perspective. As a media professional you know that most of the real-time news agencies in Canada are Canadian subsidiaries of US companies and this is why CEP News was created; To Report On Global Economic News From A Canadian Perspective.
With newsrooms and correspondents in Montreal, Ottawa, Washington, London, Frankfurt and Sydney, CEP News delivers breaking macroeconomic news and thorough reporting on events affecting the global fixed-income and foreign exchange markets. We deliver superior content, as well as in-depth analysis and reviews of economic events as they happen.
In Canada, CEP News holds full time media accreditation at Statistics Canada, the Parliamentary Press Gallery and the Bank of Canada. Our breath of coverage of Canadian economic indicators is the best in the industry. Internationally, CEP News relies on the Canadian Economic Press, its fully-owned subsidiary and holds full time accreditation at the U.S. Treasury, US Federal Reserve, Bank of England, European Central Bank, the Australian Bureau of Statistics and the U.K. Office for National Statistics. We are also the only Canadian news company accredited at the US Department of Labor and the US Department of Commerce.
For anyone interested in the economy, we produce articles and reports daily on our website. For investment professionals, we provide CEP News Pro- which is our real-time newswire. This product is available through subscription only. We generate revenue through subscriptions fees, advertising and redistribution agreements.
Click photo to enlarge
Personally, I hope that CEP News‘ growth and expansion means that there’s a growing market willing to pay for more targeted and niche news coverage at the same time that there’s a contracting paying market for more general news. It must be the optimist in me.
Update: We will try for a follow-up on this story to see if we can figure out what makes the Canadian Economic Press business model work.
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See previous coverage of new media ventures, Geosign and About.com
AnnBrocklehurst.com 
Could you elaborate on what exactly there is to be optimistic about?
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Give them a call now, sounds like they’re on life support. Closed a couple bureaus, “economic downturn,” particularly their Washington, D.C., bureau.The Senate Press Gallery wanted information from their investors in order the approve their credentials. Instead of suppling the info, they closed the bureau. Hmmm. Wonder who’s the bashful one?
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Could you please email me.
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How come you took bro Joe’s comment down? Too hot to handle?
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I wish the Hardy Boys would solve this mystery and tell us who the investor is instead of playing smart-ass games.You’re the Hardy Boys not Austin Powers.There are a lot of people waiting for answers not lame-o jokes.
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Hi Ann, I am a journalism student here in London. In April or thereabouts, Canadian Economic Press put a flyer without any closing date on a bulletin board of University of East London where I saw it, inviting applications for Summer Interns for their UK Bureau. A friend of mine says she heard about their internship thing in Goldsmiths College as well. So I think there was more than one flyer, at least two. I noted their London office contact details and thought I’d apply once my semester was over. I had been trying since May 12th and on not getting a reply of any sort to my email or a fax from careers counselling office here at my Uni, I called them only to get an answering machine on their London switchboard number. On Thursday, I dialled a mobile number of their Chief London Correspondent also mentioned on the flyer. He answered and said it was his personal mobile and that their London Bureau had closed. He also said that he no longer worked for them, the internship offer had been withdrawn and flyers were pulled down last month.Though, quite nice and polite he gave no other details and asked me to ring their office in Canada. I felt kinda queasy asking him other questions as it seems him and all their journalists in London are probably without jobs.Out of curiosity, I have just done a Google search on Canadian Economic Press and astonishingly found your blog as only the third entry after their own URL which claims “CEP News is one of Canada’s most established sources for global economic and financial news.” My University dissertation supervisor knows nothing about them although he does know the guy whose mobile number I dialled. Apparently, he used to work for CNBC Television.I am just a student and no expert but I think it’s a bit odd no one knows anything about them! It seems you’ve been on their tail for months and aren’t any wiser. I am emailing your blog URL to University of London Union, it’ll probably help a few confused others…Regards,Fi
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Thanks so much for telling us your story.There is indeed something very curious about all this.We need Deep throat to come to the rescue.No need to meet in a parking garage. Just e-mail me at scottishterriernews@gmail.com
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