Two of Canada's largest print media companies have announced the completion of a "non-cash transaction" in which, essentially, they just traded a whole bunch of newspapers with each other.
Postmedia, which publishes The National Post and Sun-branded newspapers (among others), acquired 22 "community newspaper properties" and two "free commuter dailies" as part of the deal.
Torstar, in return, got 15 of Postmedia's local newspapers, and also a pair of free daily commuter papers – 24 Hours Vancouver and 24 Hours Toronto.
So Postmedia and Torstar basically made a "newspaper trade" or transaction that sees multiple papers from Ontario changing hands.— Trevor Robb (@TrevorRobb_) November 27, 2017
Oh and more job losses.
#newspapers #media http://pic.twitter.com/GnCvU7nTtK
Postmedia says it will continue to operate only two of the newspapers it just acquired, both in Exeter. It will close the remainder of the local newspapers, which include Metro Ottawa, Our London and St. Lawrence News, by mid-January.
Torstar, for its part, was vague on plans to shut down any of its newly-won community papers with reports stating it would close most of the acquired papers – but we do know that at least one of the free commuter dailies is out.
Toronto Star Community Relations Director Bob Hepburn confirmed to us by email this morning that 24 Hours Toronto will be closing, effective immediately, as "the paper under Postmedia had no staff directly employed by the publication."
It's worth noting that TorStar also owns Metro Toronto, one of 24 Hours Toronto's former competitors.
by Lauren O'Neil via blogTO