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Postmedia Network

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Postmedia Network Canada Corporation (also known as Postmedia Network or Postmedia) is a Canadian media company consisting of the publishing properties of the former Canwest, with primary operations in newspaper publishing, news gathering and Internet operations.

Postmedia Network Canada Corporation
Public
Traded as TSXPNC.APNC.B
Industry Newspaper publishing
Predecessor Canwest
Founded 2010
Headquarters Toronto, Ontario, Canada
Key people
Paul Godfrey - President
Products Newspapers
Revenue Increase CAD$750.283 million (2015)[1]
Number of employees
4,733[2]
Subsidiaries Postmedia News
Website Postmedia Network

The ownership group was assembled by National Post CEO Paul Godfrey[3] in 2010 to bid for the chain of newspapers being sold by the financially troubled Canwest (the company's broadcasting assets were sold separately to Shaw Communications). Godfrey secured financial backing from a U.S. private equity firm, the Manhattan-based hedge fund GoldenTree Asset Management—which owns 35 per cent—as well as other investors.[3] The group completed a $1.1 billion transaction to acquire the chain from Canwest on July 13, 2010. Headquartered in Toronto, Ontario, the company has over 4,700 employees.[4] The company's shares were listed on the Toronto Stock Exchange in 2011.[5]

The company's strategy has seen its publications invest greater resources in digital news gathering and distribution, including expanded websites and digital news apps for smartphones and tablets.[6] This began with a revamp and redesign of the Ottawa Citizen, which debuted in 2014.[6]

Contents

HistoryEdit

On July 13, 2010 the Manhattan-based hedge fund, Golden Tree Asset Management acquired the Asper family’s bankrupt CanWest media empire for $1.1 billion.[3]

On October 6, 2014, Postmedia's CEO Godfrey announced a deal to acquire the English-language operations of Sun Media.[3][7] The purchase received regulatory approval from the federal Competition Bureau on March 25, 2015,[8] even though the company manages competitive papers in several Canadian cities; while the Sun Media chain owns numerous other papers, four of its five Sun-branded tabloids operate in markets where Postmedia already publishes a broadsheet competitor.[7] Board chair Rod Phillips has cited the Vancouver market, in which the two main daily newspapers, the Vancouver Sun and The Province, have had common ownership for over 30 years, as evidence that the deal would not be anticompetitive.[7] The purchase did not include Sun Media's now-defunct Sun News Network.[7] The acquisition was approved by the Competition Bureau on March 25, 2015.,[9] and closed on April 13.[10]

In 2016, the company sought to restructure its compensation plans and reduce spending by as much as 20%, after reporting a net loss of $99.4 million, or 35 cents per diluted share, in the fourth-quarter ended Aug. 31, compared with a $54.1 million net loss, or 19 cents per diluted share, in the same period a year earlier. This resulted in 90 newsroom staff losing their jobs[11].

On November 27, 2017, Postmedia and Torstar announced a transaction in which Postmedia will sell seven dailies, eight community papers, and the Toronto and Vancouver 24 Hours to Torstar, in exchange for 22 community papers and the Ottawa and Winnipeg versions of Metro. Except for the Exeter Times-Advocate, St. Catharines Standard, Niagara Falls Review, Peterborough Examiner, and Welland Tribune, all acquired papers will be closed.[12][13]

AssetsEdit

AdvertisingEdit

  • The Flyer Force
  • Go!Local

PublishingEdit

NewspapersEdit

NationalEdit
Broadsheet dailiesEdit
Tabloid dailiesEdit
Free dailiesEdit
Community newspapersEdit

Postmedia owns newspapers that serve smaller communities across Canada, including:

MagazinesEdit

OnlineEdit

SoftwareEdit

Other propertiesEdit

See alsoEdit

ReferencesEdit

External linksEdit