Postmedia Network has bought The Toronto Sun and the rest of Sun Media Inc.'s 175 English language newspapers, specialty publications and associated digital properties from Quebecor Media Inc. for $316 million. According to a story in the National Post, Postmedia's flagship, the properties include Sun newspapers in Ottawa, Winnipeg, Calgary and Edmonton.
The deal also includes the London Free Press and the free 24 Hours dailies in Toronto and Vancouver. Postmedia will pay $316 million in the deal, which includes real estate holdings worth approximately $50-60 million. The deal is subject to regulatory approval, including from the Competition Bureau. That is expected to take several months. The deal excludes Quebecor holdings in Quebec.
“This acquisition brings together an impressive stable of brands that collectively create a stronger Canadian media platform that is better positioned to compete against foreign-based digital offerings and offers a greater range of choices to our readers,” said Paul Godfrey, President and Chief Executive Officer of Postmedia.