Postmedia to buy Brunswick News
Postmedia Network Canada of Toronto has entered into an agreement with J. D. Irving to purchase all shares of Brunswick News. The acquisition includes BNI's daily and weekly newspapers, digital properties and parcel delivery business in exchange for $7.5 million in cash and $8.6 million Postmedia shares. Brunswick News publications include the Telegraph-Journal, Times Globe, Times & Transcript, The Daily Gleaner, Miramichi Leader, Woodstock Bugle-Observer, Bathurst Northern Light, Kings County Record, The Campbellton Tribune and The Victoria Star. The transaction, which is subject to various closing conditions including the approval of the Toronto Stock Exchange, would represent Irving's exit from the media industry.
"Postmedia believes that BNI's eastern Canada operations are highly complementary to our existing business and strongly align with our strategic priorities," said Andrew MacLeod, president and CEO of Postmedia. "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."