Friday, February 3

Postmedia to buy Brunswick News chain from JD Irving in cash and stock deal


The deal includes a fleet of daily and weekly newspapers, digital properties and a parcel delivery service in the eastern province

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Postmedia Network Canada Corp said it has reached an agreement with JD Irving Ltd. to buy Brunswick News Inc. (BNI), including its fleet of daily and weekly newspapers, digital properties and a parcel delivery service.

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The deal is for $7.5 million in cash and $8.6 million in variable voting shares of Postmedia.

Brunswick’s daily and weekly newspapers – including the Telegraph-Journal, Times Globe, Times & Transcript, The Daily Gleaner, Miramichi Leader, Woodstock Bugle-Observer, Bathurst Northern Light, Kings County Record, The Campbellton Tribune and The Victoria Star – will join the Postmedia network of media properties.

“These titles have a proud history of providing excellent journalism across New Brunswick and we look forward to continuing that legacy,” Postmedia president and chief executive Andrew MacLeod said in the release late Thursday.

“The addition of BNI brands allows Postmedia to serve audiences and marketers from the Pacific to the Atlantic while we continue to build out a national distribution platform and network for our parcel delivery business,” MacLeod added.

The sale marks the exit from the media business by JD Irving, co-CEO Jim Irving said in the release.

“Postmedia is well positioned to make the transition to the digital world of providing New Brunswickers with a reliable source of local, regional and national news as well as access to much broader news coverage,” he said.

Postmedia also publishes the National Post and Financial Post.

More to come…



financialpost.com