(TORONTO) – Postmedia Network Inc., a subsidiary of Postmedia Network Canada Corp., has announced a definitive agreement to sell the Winnipeg Sun, The Graphic Leader, and Kenora Miner & News to The Klein Group Ltd.
Continued Commitment to Local Journalism
“We are pleased to have reached an agreement with a local group that will continue Postmedia’s long tradition of providing trusted and valuable journalism in these important markets,” said Andrew MacLeod, President and CEO of Postmedia. “Our teams in Winnipeg, Portage, and Kenora produce quality work that is critically important to their communities, and we’re thrilled that will continue under the new ownership group. Each paper’s local team will continue to be supported by the voices and opinions from Postmedia that Canadians rely on for information, diverse perspectives, and unique insights into national and international developments.”
Employee Continuity and No Job Losses
Employees at the newspapers are expected to continue in their roles, with no job losses anticipated. Non-unionized employees will be offered their same jobs with the Klein Group, while unionized employees will retain their current terms as presently contracted.
Included in the Sale
The transaction includes Postmedia’s Winnipeg Press Commercial Print division, all associated digital properties, contracts, and other related parts of the businesses.
Klein Group’s Vision for Local News
“In an age where information is abundant and easily accessible, the role of local journalism is more crucial today than ever before,” said Kevin Klein, President and CEO of the Klein Group. “We are honoured to take ownership of these local newspapers and are dedicated to preserving their legacy of providing trusted, community-focused news. Our continued relationship with Postmedia will ensure that our readers benefit from both local insights and national perspectives, reaffirming our commitment to delivering comprehensive and relevant news coverage.”
Closing Date
The deal is scheduled to close on or about June 1, 2024, at 12:01 a.m., subject to the satisfaction or waiver of certain conditions, including the entering into of certain ancillary agreements.
