Postmedia Buys Sun Newspapers For $316 Million
ostmedia, owner of the National Post and numerous daily broadsheet papers across Canada, has announced it's buying Quebecor's chain of 175 English-language newspapers for $316 million.
The buyout will create a newspaper giant in English Canada, with many cities now seeing all their major dailies fall into the hands of one company.
In Vancouver, where the Sun broadsheet and the Province were already both owned by Postmedia, the chain will add the free commuter daily 24 Hours to its roster. In Ottawa, both major dailies will now be owned by the same company, as will the major dailies in Calgary and Edmonton.
In all, Postmedia will buy 175 English-language newspapers from Quebecor, including the Sun tabloid chain. The deal includes the Canoe news portal, a printing plant in Toronto and 34 real estate properties. The $316 million price tag is but a fraction of the $1 billion Quebecor paid for the Sun Media newspapers in 1998.
(HuffPost)
ostmedia, owner of the National Post and numerous daily broadsheet papers across Canada, has announced it's buying Quebecor's chain of 175 English-language newspapers for $316 million.
The buyout will create a newspaper giant in English Canada, with many cities now seeing all their major dailies fall into the hands of one company.
In Vancouver, where the Sun broadsheet and the Province were already both owned by Postmedia, the chain will add the free commuter daily 24 Hours to its roster. In Ottawa, both major dailies will now be owned by the same company, as will the major dailies in Calgary and Edmonton.
In all, Postmedia will buy 175 English-language newspapers from Quebecor, including the Sun tabloid chain. The deal includes the Canoe news portal, a printing plant in Toronto and 34 real estate properties. The $316 million price tag is but a fraction of the $1 billion Quebecor paid for the Sun Media newspapers in 1998.
(HuffPost)
via ehMac.ca http://ift.tt/1BJtm5O
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