Postmedia Network Inc. announced today that it intends to purchase certain businesses owned by SaltWire Network Inc. and The Halifax Herald Ltd., the two insolvent companies behind Atlantic Canada's largest newspaper chain.
Postmedia said it aims to complete the acquisition by Aug. 26, but the company stressed the deal is subject to certain conditions, including “satisfactory results” with unionized workers.
The Toronto-based company said the potential acquisition is in line with its commitment to preserving local journalism.
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No financial details were disclosed.
Halifax Herald Ltd. owns the Chronicle Herald, Halifax's independent newspaper founded nearly 200 years ago.
SaltWire Network Inc. owns other newspapers in Nova Scotia, Prince Edward Island and Newfoundland, including the Cape Breton Post in Sydney, Nova Scotia, The Guardian in Charlottetown and the Telegram in St. John's, Newfoundland, as well as weeklies and several digital publications.
Together, the companies employ about 800 independent contractors and 390 employees, including about 100 union positions, according to court documents.
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