Postmedia Enters Agreement to Acquire Saltwire
Commitment to Preserving Local Journalism
Local journalism is essential for keeping communities informed and connected. Saltwire, with over a dozen media titles, plays a crucial role in this regard. “If the transaction can be completed, Postmedia intends to provide the necessary back office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities,” said
Readers would continue to enjoy stories reported by local journalists, supported by the voices and opinions that Canadians across the country rely on for information, diverse perspectives, and unique insights into national and international developments.
Ensuring Long-Term Viability
This acquisition is crucial for the long-term sustainability of this important regional network, which faces an uncertain future without intervention. “Saltwire filed for CCAA protection after years of financial difficulties, underscoring that its current operational model is unsustainable. In order to save critical journalism jobs, we will need the support of the relevant unions to help construct a viable business model,”
The potential acquisition is subject to various conditions, including satisfactory outcomes with unions and other stakeholders, the completion of definitive transaction documentation, and court approval. Given the ongoing financial pressure, it is imperative that key conditions be satisfied by
“We urge all stakeholders, including employees and community leaders, to support our efforts. The future of local journalism in the
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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, and court approval. 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, the possibility that the court will not approve the proposed transaction, 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240726055635/en/
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