Postmedia has entered an agreement to purchase Saltwire, Atlantic Canada’s largest newspaper chain, according to a news release issued Friday.
Saltwire has been under creditor protection since March. It publishes more than 20 papers in Atlantic Canada, including The Chronicle Herald in Halifax, The Guardian in Charlottetown, and The Telegram in St. John’s, along with associated websites.
In the release, the Canadian news media company said the potential acquisition aligns with Postmedia’s commitment to preserving local journalism and supporting communities.
“If the transaction can be completed, Postmedia intends to provide the necessary back office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities,” said Postmedia president and CEO Andrew MacLeod.
It was not clear from the news release whether Postmedia intends to preserve all of Saltwire’s titles.
“Readers would continue to enjoy stories reported by local journalists, supported by the voices and opinions that Canadians across the country rely on for information, diverse perspectives, and unique insights into national and international developments,” the release said.
Postmedia did describe the current operations of Saltwire as unsustainable, though, and said closing the deal would require co-operation from the company’s workforce.
“In order to save critical journalism jobs, we will need the support of the relevant unions to help construct a viable business model,” MacLeod said.
Given ongoing financial trouble at Saltwire, Postmedia said it would like to close the deal as early as Aug. 5, and Aug. 26 at the latest.