Toronto-based Postmedia Network Inc. says it has successfully closed its acquisition of Atlantic Canada’s largest newspaper chain.
The $1-million deal for SaltWire Network Inc. and the Halifax Herald Ltd. was approved by a Nova Scotia Supreme Court judge on Aug. 8 with an expected closing date of Aug. 24.
Postmedia confirmed the closing of the sale Monday in a short statement on its website.
Andrew MacLeod, Postmedia’s president and CEO, says 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.
‘…reinforcing our commitment to quality journalism’
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.
“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.”
The statement contains no other details.
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.
Last week, the union representing workers at The Telegram confirmed that four of the paper’s 13 newsroom positions will be eliminated.