The $316-million purchase includes flagship publication the Toronto Sun.
The Postmedia Network announced today that it will acquire Sun Media’s English-language newspapers and speciality publications—175 in all—including its flagship daily, the Toronto Sun.
The $316-million deal, which also includes the rest of the Sun chain of papers, as well as the London Free Press and the free Toronto and Vancouver dailies 24 Hours, still needs regulatory approval, including the approval of the Competition Bureau. The process is expected to take several months.
Paul Godfrey, president and CEO of Postmedia, which owns the National Post, Calgary Herald, Edmonton Journal, and Vancouver papers the Province and the Sun, said in a statement that his company will “continue to operate the Sun Media major market dailies and their digital properties side by side with our existing properties in markets with multiple brands.”
The chair of the Postmedia board, Rod Phillips, called the deal a “strong endorsement” of journalism and the newspaper industry in Canada.
According to the National Post, “the deal will be financed through a combination of new rights offerings and debt.”