TORONTO--(BUSINESS WIRE)--May 27, 2024--
Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced a definitive agreement to sell the Winnipeg Sun, The Graphic Leader and Kenora Miner & News to The Klein Group Ltd. (the “Klein Group”).
“We are pleased to have reached an agreement with a local group that will continue Postmedia’s long tradition of providing trusted and valuable journalism in these important markets,” said Andrew MacLeod, President and CEO of Postmedia. “Our teams in Winnipeg, Portage and Kenora produce quality work that is critically important to their communities, and we’re thrilled that will continue under the new ownership group. Each paper’s local team will continue to be supported by the voices and opinions from Postmedia that Canadians rely on for information, diverse perspectives, and unique insights into national and international developments.”
Employees at each of the newspapers are expected to continue in their role, with no job losses anticipated. Non-unionized employees will be offered their same job with the Klein Group, while unionized employees will retain their current terms as presently contracted.
Included in the transaction is Postmedia’s Winnipeg Press Commercial Print division, all associated digital properties, contracts and other related parts of the businesses.
“In an age where information is abundant and easily accessible, the role of local journalism is more crucial today than ever before,” said Kevin Klein, President and CEO of the Klein Group. “We are honoured to take ownership of these local newspapers and are dedicated to preserving their legacy of providing trusted, community-focused news. Our continued relationship with Postmedia will ensure that our readers benefit from both local insights and national perspectives, reaffirming our commitment to delivering comprehensive and relevant news coverage.”
The deal is scheduled to close on or about June 1, 2024 at 12:01 a.m., subject to the satisfaction or waiver of certain conditions, including the entering into of certain ancillary agreements.
About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 130 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences Our expertise in home delivery and expanding distribution network powers Postmedia Parcel Services. For more information, visit www.postmedia.com, www.postmediasolutions.com and www.postmediaparcelservices.com.
About the Klein Group
The Klein Group is a Manitoba-based company dedicated to providing local, factual, and unbiased news across multiple platforms, including print, online, and mobile. Owned entirely by Manitobans, the Klein Group believes that local news plays a vital role in highlighting issues that directly impact our daily lives, from municipal governance to community events, fostering a sense of connection and accountability. By ensuring its news is factual and unbiased, the Klein Group upholds the principles of journalistic integrity, helping its audience navigate complex social, political, and economic landscapes with clarity and confidence. This commitment to truth and transparency not only strengthens our democracy but also promotes a more informed and cohesive society. Additionally, through partnerships with leading businesses, the Klein Group offers a full suite of tools to businesses across Manitoba, with extensive digital and print experience, which includes creating exceptional content to market any business or product, targeted reach, and innovative marketing solutions to effectively reach target audiences in Manitoba and around the globe.
Forward-Looking Information
This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should”, “scheduled” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include, but are not limited to, statements with respect to the closing of the transaction with the Klein Group, the offering of employment and the employment of non-unionized and unionized employees by the Klein Group. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: the possibility that the proposed transaction will not close (including, without limitation, as a result of the failure to satisfy applicable closing conditions). For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2023 and 2022. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240527338982/en/
For more information:
Postmedia
Postmedia Communications
inquiries@postmedia.com
Klein Group
Klein Group Communications
inquiries@thekleingroup.ca
Source: Postmedia Network Canada Corp.
