(Halifax) Toronto-based Postmedia Network announced Monday that it has successfully completed the acquisition of Atlantic Canada’s largest newspaper chain.
The $1 million deal for SaltWire Network and the Halifax Herald was approved by a Nova Scotia Supreme Court judge on Aug. 8, with a closing date of Aug. 24.
The Postmedia conglomerate confirmed the closing of the sale Monday in a short statement on its website.
Postmedia CEO Andrew MacLeod said his company was “thrilled” to welcome the new media outlets, saying the sale “preserves their vital role in communities.”
THE Halifax Chronicle Heraldacquired by Postmedia as part of this sale, was an independent daily newspaper founded nearly 200 years ago.
In 2017, the owners of the Herald had created the company SaltWire Network, which bought more than two dozen newspapers, including the Cape Breton Post in Sydney, Nova Scotia, The Guardian in Charlottetown, Prince Edward Island, and The Telegram in St. John’s, Newfoundland and Labrador.
“We are grateful to those who have collaborated with us to develop a more sustainable model for these publications,” said Mr.me MacLeod. “With this acquisition, we are not only expanding our reach, but also strengthening our commitment to quality journalism and community engagement.”
“Postmedia will ensure the continued operation of its publications,” assured the CEO of Postmedia, without providing further details on what will happen next.
It was confirmed at the insolvency court hearing earlier this month that the company pension scheme would be wound up, affecting 426 workers. The court heard the scheme was 90 per cent funded and had liabilities of €6 million.
Last week, the union representing workers in the Telegram confirmed that four of the 13 positions in the newspaper’s newsroom would be cut.