A media expert says the decision by Atlantic Canada's largest newspaper company to seek protection from its creditors is another sign of the accelerating decline of the newspaper business
The company 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, Aug. 26, in a short statement on its website. The $1-million deal for SaltWire Network Inc. and the Halifax Herald Ltd.
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.
"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.
Last week, the union representing workers at The Telegram confirmed that four of the paper's 13 newsroom positions will be eliminated.Court approves Postmedia bid for insolvent Atlantic newspaper chain
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