Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today announced that the Nova Scotia Supreme Court has issued an order approving Postmedia’s previously announced potential acquisition of certain businesses and assets of Saltwire Network Inc. and The Halifax Herald Limited (together, “Saltwire”). Postmedia also confirmed that it had reached an agreement with certain unions representing employees of Saltwire in respect of certain employment-related matters.
“We are pleased to have received court approval of the potential acquisition and that key stakeholders could collaborate to move towards the next stage of this process. We look forward to continuing the proud history and important role of these titles across Atlantic Canada if the transaction is completed,” said Andrew MacLeod, President and Chief Executive Officer of Postmedia. “Ensuring a future for Canadian journalism by building new, sustainable models is at the core of what we do. What worked in the last century no longer does today. While change is difficult, we at Postmedia believe with deep conviction that there is a positive, sustainable and vibrant future for news media in the Atlantic provinces and across Canada.”
The potential acquisition remains subject to various conditions, including the completion of definitive transaction documentation, and has an outside close date of August 26.
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.
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 any transaction with Saltwire being subject to negotiations, including in respect of definitive transaction documentation. 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 and without limitation: the possibility that negotiations in respect of the proposed transaction will cease, for any reason, the possibility that the parties are not able to negotiate definitive transaction documentation, for any reason, and the possibility that even if Postmedia enters into definitive documentation, the conditions to such transaction will not be satisfied or waived and the transaction will not close. 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.
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