Days after a newspaper swap that saw media giants Postmedia and Torstar exchange more than 40 local community newspapers, then announce most of their closings, CEO Paul Godfrey warned more cuts could come.

Asked by London Morning host Rebecca Zandbergen if larger newspapers such as the London Free Press and St. Thomas Times Journal were safe from cuts, Godfrey said "if print revenue declines, there's nothing that's safe. There may be more newspapers (shut)."

Postmedia and other Canadian media companies were recently declined bailout money from the federal government, which Godfrey said could have prevented such cuts.

Close to 250 people lost their jobs amid the Postmedia and Torstar swap, including reporters, editors and advertising staff at the 160-year-old St. Marys Journal Argus.

"We had no other choice," Godfrey said. "Our newspapers can't compete in a competitive market. There are no buyers for these papers. To compete against Google and Facebook is almost an impossibility."

By shutting down community papers, Postmedia and Torstar are "consolidating" their advertising efforts.

"We can pick up synergies, pick up efficiencies, and pick up whatever flyer or insert revenue is available. This is survival. We're not doing this to be happy. We're doing this because we have to do it in order to survive in the other communities."