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.
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