In 1984, after he left politics he joined the
Toronto Sun as publisher and CEO. In 1991 he succeeded founder
Douglas Creighton as president and chief operating officer of Toronto Sun Publishing. In 1992 he became CEO of Toronto Sun Publishing replacing founder Doug Creighton. Creighton was forced to resign by the board of directors and the parent company,
Maclean Hunter. In 1996, Godfrey led a successful attempt by Sun management to buy back control, allowing it to become an independent entity once again. Two years later, Godfrey organized a deal with
Conrad Black to swap the
Financial Post with four daily newspapers in southwestern Ontario. These included the
Hamilton Spectator,
Kitchener-Waterloo Record,
Guelph Mercury, and
Cambridge Reporter. In October 1998, Sun Media was approached by
Torstar Corporation in an unsolicited takeover bid for $748 million. Godfrey said he was surprised by the move. Two months later
Quebecor Media Inc. made a higher and eventually more successful bid for a reported $983 million. Godfrey was a key figure in seeking out Quebecor as an alternative buyer. After the sale, Quebecor, initially heralded as a "white knight" buyer, forced Godfrey to cut 180 jobs from his newspaper. In November 2000, Godfrey announced that he was stepping down as CEO of Sun Media. There was some speculation that he was uncomfortable while under the control of Quebecor. He remained on the board of Sun Media. He was the president and CEO of
Postmedia Network, starting July 13, 2010. He took a $900,000 bonus during a time Postmedia laid off staff company-wide. Godfrey then stepped down as president and CEO of Postmedia in 2019; he remains as executive chairman of the company. ==SkyDome==