Atlantic Canada’s largest newspaper chain has officially been acquired by Toronto-based Postmedia Network Inc. for $1 million, following approval from a Nova Scotia Supreme Court judge on August 8. The acquisition, finalized on Monday, includes SaltWire Network Inc. and the Halifax Herald Ltd., adding significant regional media assets to Postmedia’s portfolio.
In a statement on Postmedia’s website, Andrew MacLeod, the company’s President and CEO, expressed enthusiasm about the acquisition. “We are delighted to welcome these esteemed media properties into the Postmedia family,” MacLeod stated, emphasizing that the acquisition “preserves their vital role within the community.”
The Halifax Chronicle Herald, a nearly 200-year-old independent daily newspaper, is among the notable assets acquired. The 2017 formation of SaltWire Network Inc. by the Herald’s owners marked the expansion of the company, which subsequently acquired more than two dozen newspapers, including the Cape Breton Post, 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 added. “This acquisition not only broadens our reach but also reinforces our commitment to quality journalism and community engagement. Postmedia will ensure the continued operation of its publications.”
During the recent insolvency court proceedings, it was disclosed that the companies’ pension plan would be wound up, impacting 426 members. The plan is currently 90 percent funded, with a $6 million liability.
The Island News Guild Local 30130, representing staff at The Guardian and the Journal-Pioneer, welcomed the news, noting that Postmedia has committed to maintaining daily and weekly publication schedules, respectively. The union also highlighted Postmedia’s offer of long-term positions to nearly all editorial staff as a positive development.
However, concerns remain about the future of jobs in departments such as circulation, advertising, customer service, finance, and production. The union emphasized that retaining local jobs is crucial for maintaining subscriber and client relationships.
In a related development, the union representing workers at The Telegram confirmed that four of the paper’s 13 newsroom positions will be eliminated.
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