Oct 6, 2014 10:47 AM
Canada's Postmedia buys Sun Media newspapers
The Associated Press
TORONTO (AP) Canadian newspaper publisher Postmedia Network Canada Corp. is announcing a deal to buy 175 newspapers and publications in a major consolidation of print media in Canada.
It is paying 316 million Canadian dollars ($283 million) to Quebecor Media Inc. for Sun Media Corp.'s English-language operations. That includes the Sun chain of daily newspapers in Toronto, Ottawa and Calgary.
Postmedia already has one of Canada's largest chain of daily newspapers including the National Post and dailies in Montreal, Ottawa, Calgary and Vancouver.
Quebecor chief executive Pierre Dion said Monday that the Canadian newspaper business needs consolidation to remain viable and to compete with digital media.
Quebecor Media still has the Le Journal de Montreal, Le Journal de Quebec and the 24 Heures free daily as well as Internet, television, telecommunications and retail operations