Postmedia Network

Postmedia Network Canada Corporation
Public
Traded as TSX: PNC.A, PNC.B
Industry Newspaper publishing
Predecessor Canwest
Founded 2010
Headquarters Toronto, Ontario, Canada
Key people
 Paul Godfrey - President
Products Newspapers
Revenue Increase CAD$750.283 million (2015)[1]
Number of employees
 4,733[2]
Subsidiaries Postmedia News
Website Postmedia Network

Postmedia Network Canada Corporation (also known as Postmedia Network or Postmedia) is a Canadian media company headquartered in Toronto, Ontario, consisting of the publishing properties of the former Canwest, with primary operations in newspaper publishing, news gathering and Internet operations.

The ownership group was assembled by National Post CEO Paul Godfrey[3] in 2010 to bid for the chain of newspapers being sold by the financially troubled Canwest (the company's broadcasting assets were sold separately to Shaw Communications). Godfrey secured financial backing from a U.S. private-equity firm, the Manhattan-based hedge fund GoldenTree Asset Management—which owns 35 per cent—as well as other investors.[3] The group completed a $1.1 billion transaction to acquire the chain from Canwest on July 13, 2010. The company has over 4,700 employees.[4] The company's shares were listed on the Toronto Stock Exchange in 2011.[5]

The company's strategy has seen its publications invest greater resources in digital news gathering and distribution, including expanded websites and digital news apps for smartphones and tablets.[6] This began with a revamp and redesign of the Ottawa Citizen, which debuted in 2014.[6]

History

On July 13, 2010 the Manhattan-based hedge fund, Golden Tree Asset Management acquired the Asper family’s bankrupt CanWest media empire for $1.1 billion.[3]

Acquisitions and mergers

On October 6, 2014, Postmedia's CEO Godfrey announced a deal to acquire the English-language operations of Sun Media.[3][7] The purchase received regulatory approval from the federal Competition Bureau on March 25, 2015,[8] even though the company manages competitive papers in several Canadian cities; while the Sun Media chain owns numerous other papers, four of its five Sun-branded tabloids operate in markets where Postmedia already publishes a broadsheet competitor.[7] Board chair Rod Phillips has cited the Vancouver market, in which the two main daily newspapers, the Vancouver Sun and The Province, have had common ownership for over 30 years, as evidence that the deal would not be anticompetitive.[7] The purchase did not include Sun Media's now-defunct Sun News Network.[7] The acquisition was approved by the Competition Bureau on March 25, 2015.,[9] and closed on April 13.[10]

Assets

Advertising

Publishing

Newspapers

National
Broadsheet dailies
Tabloid dailies
Free dailies
Community newspapers

Postmedia owns newspapers that serve smaller communities across Canada, including:

Magazines

Online

Software

Other properties

A decades-long heated rivalry and circulation war began 1950s and 1960s between the Liberal/left/socialist Toronto Star and the "steadfastly Conservative, Royalist and right-wing" Toronto Telegram, located on Bay and Melinda St. and owned in the early 1950s by a "wealthy deal-maker named George McCullagh."[11]

See also

Other media groups in Canada include:

References

  1. ↑ 2015 Annual Report (PDF), Postmedia Network Canada Corp., 2015
  2. ↑ 2015 Annual Information Form (PDF), Postmedia Network Canada Corp., 2014
  3. 1 2 3 4 Olive, David (23 January 2015). "Postmedia and the heavy price it pays to survive: Olive". Toronto, ON. Retrieved 22 February 2016.
  4. ↑ "Postmedia Network Annual Information Form" (PDF). Postmedia Network Canada Corporation (Report). October 2015. Retrieved June 23, 2016.
  5. ↑ "Postmedia begins trading on TSX", Financial Post, June 14, 2011, retrieved February 21, 2016
  6. 1 2 "Postmedia revamps Ottawa Citizen's digital service". CBC News, May 20, 2014.
  7. 1 2 3 4 "Postmedia buys 175-paper Sun Media for $316m". Toronto Star, October 6, 2014.
  8. ↑ Competition Bureau will not challenge Postmedia’s acquisition of Sun Media. Competition Bureau, March 25, 2015.
  9. ↑ "Postmedia purchase of Quebecor's Sun Media OK'd by Competition Bureau". CBC News. Retrieved 25 March 2015.
  10. ↑ "Postmedia-Sun Media deal officially closes".
  11. ↑ Corcoran, Terence (19 February 2016). "A falling Star: No cash in its dowry, declining revenues and no obvious marriage prospects". nationalpost. Retrieved 22 February 2016.
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