Competition Bureau closes Postmedia, Torstar investigation
The Ottawa-based Competition Bureau has closed its investigation into a 2017 transaction between Postmedia and Torstar of Toronto. In this transaction, Postmedia acquired 22 of Torstar’s community newspapers, while Torstar acquired 15 of Postmedia’s community papers and two commuter papers. Postmedia then announced plans to close all of its acquired properties except two, while Torstar announced plans to close 11 of its acquired properties. The investigation was to determine if this agreement was contrary to the conspiracy provisions of the Competition Act. According to the bureau, following a review of the available evidence, it has concluded that no further action is warranted, citing a lack of clear evidence demonstrating that competitors reached an agreement to fix prices, allocate markets, or lessen or eliminate the supply of a product or service.
“From the outset we have adamantly maintained that Postmedia has done nothing wrong and now, more than two years later, the Competition Bureau has closed the investigation,” said Andrew MacLeod, President and CEO of Postmedia. “We are happy to have this matter and the associated pressure and cost behind us and look forward to continuing the important work of keeping Canadians informed with ambitious, trusted and high-quality journalism and delivering high-value and data-driven marketing solutions to businesses and advertisers.”