A Toronto-based media company is acquiring every Irving-owned newspaper in New Brunswick.
Postmedia announced the acquisition of Brunswick News Inc. (BNI) in a news release late Thursday. Postmedia owns more than 100 newspapers across Canada, including the National Post, Calgary Herald, and Vancouver Sun.
BNI, which is currently owned by J.D. Irving, Ltd. (JDI), publishes nine daily and weekly papers, including:
- The Telegraph-Journal;
- Times And Transcript;
- The Daily Gleaner;
- Bathurst Northern Light;
- Miramichi Leader;
- Woodstock Bugle-Observer;
- The Victoria Star;
- Kings County Record in Sussex; and
- The Campbellton Tribune.
“We are pleased that Postmedia, one of Canada’s largest media organizations, will acquire all of our newspapers and media products through the purchase of Brunswick News, which represents an exit from the media business by J.D. Irving, Limited,” Jim Irving, co-CEO of JDI, said in the release.
“Postmedia is well positioned to make the transition to the digital world of providing New Brunswickers with a reliable source of local, regional and national news as well as access to much broader news coverage.”
The proposed acquisition will also include BNI’s parcel delivery business and the “proprietary distribution software” powering it, according to the release.
Andrew MacLeod, president and CEO of Postmedia, said he believes BNI’s Eastern Canada operations complement their existing business and strongly align with their strategic priorities.
“These titles have a proud history of providing excellent journalism across New Brunswick and we look forward to continuing that legacy. The addition of BNI brands allows Postmedia to serve audiences and marketers from the Pacific to the Atlantic while we continue to build out a national distribution platform and network for our parcel delivery business,” MacLeod said in the release.
In exchange for the acquisition, JDI will receive $7.5 in cash and $8.6 million in variable voting shares of Postmedia.
The proposed transaction is subject to various closing conditions, including approval of the Toronto Stock Exchange.
