Postmedia completes $1-million purchase of Atlantic Canada’s largest newspaper chain
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Hey there, time traveller!
This article was published 26/08/2024 (427 days ago), so information in it may no longer be current.
HALIFAX – Atlantic Canada’s largest newspaper chain is now officially owned by Toronto-based Postmedia Network Inc.
On Monday, Postmedia confirmed the closing of its $1-million purchase of SaltWire Network Inc. and the Halifax Herald Ltd. in a short statement on its website. The sale was approved by a Nova Scotia Supreme Court judge on Aug. 8.
Andrew MacLeod, Postmedia’s president and CEO, said his company is “delighted” to welcome the new media properties, saying the sale “preserves their vital role within the community.”
The Halifax Chronicle Herald, acquired by Postmedia in the sale, was an independent daily newspaper founded almost 200 years ago. In 2017, the owners of the Herald created SaltWire Network Inc., which bought more than two dozen newspapers including the Cape Breton Post in Sydney, N.S.; The Guardian in Charlottetown; and The Telegram in St. John’s, N.L.
“We are grateful to those who collaborated with us in developing a more sustainable model for these publications,” MacLeod said. “Through this acquisition, we are not only broadening our reach but also reinforcing our commitment to quality journalism and community engagement. Postmedia will ensure the continued operation of its publications.”
It was confirmed during the insolvency court hearing earlier this month that the companies’ pension plan would be wound up, a move affecting 426 members. Court heard the plan is 90 per cent funded with a $6-million liability.
In a statement issued Monday, Island News Guild Local 30130 called the acquisition of Charlottetown’s The Guardian and Summerside’s Journal-Pioneer “good news.” Staff at The Guardian have been assured the paper will continue publishing daily and that the Journal-Pioneer will remain a weekly newspaper, it said.
“Staff are also heartened Postmedia has signalled its commitment to local news in P.E.I. by offering long-term positions to almost all editorial staff,” the union said.
However, the long-term future of workers in departments like circulation, advertising, customer service, finance and production remains uncertain. “Staff believe maintaining local jobs in the community is critical to retaining both subscribers and clients,” the union said.
Last week, the union representing workers at The Telegram confirmed that four of the paper’s 13 newsroom positions will be eliminated.
This report by The Canadian Press was first published Aug. 26, 2024.