Postmedia deal finalized
The new media co, headed by Paul Godfrey, has navigated the regulatory hurdles to become Canada's newest national publisher of English-language newspapers.
It’s official: what was once Canwest LP is now the Postmedia Network, Canada’s newest national publisher of English-language newspapers.
The media co announced late Tuesday that the acquisition of Canwest LP, the publishing division of Canwest Global Communications Corp., had been completed, marking the end of a months-long process. The sale of the publishing company was first announced May 10, when it was revealed that a consortium of Canwest creditors, headed by former Sun Media CEO Paul Godfrey, had bought the company for $1.1 billion, pending court and creditor approval. Creditors voted to approve the deal June 14 and a new name for the company was announced July 5.
‘I’m very pleased to see that they’ve emerged as this new entity and they can now concentrate on building, rebuilding, growing what are some very strong brands,’ Hugh Dow, chair, Mediabrands Canada, commented to MiC in an interview this morning. ‘I have an enormous amount of respect and admiration for Paul Godfrey and really look forward to seeing what his plans are. Obviously, we haven’t seen anything specific yet but I had an email both from him and Kirk Allen yesterday annoucing this, so I imagine they’re getting right on it.’
The new Postmedia Network comprises the entirety of the Canwest publishing portfolio, including The National Post, 10 major-market dailies, 35 community newspapers and a stable of websites including Canada.com. The company intends to apply for listing of its shares on the TSX.
‘It has been a long journey to get to this day and now we begin the work of transforming from a traditional media company to a fully integrated multimedia company with a new brand, a refocused strategy and a determination to be at the forefront of industry change,’ Paul Godfrey, president and CEO, Postmedia Network, said in a release.