Atlantic Canada’s largest newspaper chain is now officially owned by Toronto-based Postmedia Network.
Postmedia confirmed Monday the closing of its $1 million acquisition of SaltWire Network and Halifax Herald in a short statement on its website.
The sale was approved by a Nova Scotia Supreme Court judge on August 8.
Postmedia CEO Andrew MacLeod said his company was “thrilled” to welcome the new media outlets, saying the acquisition “will preserve 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 partnered with us to develop a more sustainable model for these publications,” said 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 plan would be wound up, affecting 426 workers. The court heard the plan was 90 per cent funded and had liabilities of $6 million.
In a statement released Monday, Island News Guild Local 30130 called the acquisition of the Guardian from Charlottetown and the Journal-Pioneer from Summerside. The staff of the Guardian was assured that the newspaper would continue to appear daily and that the Journal-Pioneer would remain a weekly, the local union explained.
“Staff are also encouraged that Postmedia has signaled its commitment to local news in Prince Edward Island by offering long-term positions to nearly all of its editorial staff.”
The long-term future of employees in departments such as broadcasting, advertising, customer service, finance and production remains uncertain, however. “Staff believe that maintaining local jobs in the community is essential to retaining both subscribers and customers,” the union said.
Last week, the union representing workers in the Telegram confirmed that four of the 13 positions in the newspaper’s newsroom would be cut.
Postmedia Network owns the National PostTHE Financial PostTHE Montreal GazetteTHE Ottawa CitizenTHE Vancouver SunTHE Calgary Herald and dozens of other publications across the country, including about ten in New Brunswick, but none in the three Atlantic provinces targeted by the transaction.