SUN MEDIA TO BUY MORE DAILIES
By Adnews Staff
Toronto-based Sun Media Corp. has reached a conditional agreement to buy four daily newspapers from Southam Inc. and Hollinger Canadian Publishing Holdings in a deal worth about $150 million. The four newspapers are: The Hamilton Spectator, The Record (Kitchener-Waterloo), the Cambridge Reporter and The Daily Mercury in Guelph. All newspapers are in Ontario. In addition, Sun Media has agreed to sell its 80% interest in The Financial Post Company to Southam Inc. The Financial Post publishes a daily business newspaper by the same name. It has a weekday circulation of 100,000 and 200,000 for its weekend edition. The acquisition will put 15 daily newspapers under Sun Media's belt. The deal is still subject to various conditions including due diligence and regulatory approval. It is expected to close by early September.