Type Public Industry Newspaper publishing Website Postmedia Network Revenue 750.3 million CAD (2015) Founded 2010 Predecessor Canwest | Traded as TSX: PNC.A, PNC.B Products Newspapers Headquarters Toronto, Canada Founder Paul Godfrey Number of employees 4,733 | |
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Key people Paul Godfrey - President Subsidiaries Financial Post DataGroup Profiles | ||
Postmedia network pnc a tsx pnc b tsx opens toronto stock exchange july 19 2011
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.
Contents
- Postmedia network pnc a tsx pnc b tsx opens toronto stock exchange july 19 2011
- History
- Acquisitions and mergers
- Advertising
- Newspapers
- Magazines
- Online
- Software
- Other properties
- References
The ownership group was assembled by National Post CEO Paul Godfrey 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. 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. The company's shares were listed on the Toronto Stock Exchange in 2011.
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. This began with a revamp and redesign of the Ottawa Citizen, which debuted in 2014.
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.
Acquisitions and mergers
On October 6, 2014, Postmedia's CEO Godfrey announced a deal to acquire the English-language operations of Sun Media. The purchase received regulatory approval from the federal Competition Bureau on March 25, 2015, 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. 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. The purchase did not include Sun Media's now-defunct Sun News Network. The acquisition was approved by the Competition Bureau on March 25, 2015., and closed on April 13.
Advertising
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."