London Free Press Sold
The London Free Press is being sold.
Quebecor has signed a deal to sell all of Sun Media Corporation’s English operations to Postmedia Network Canada for $316-million.
The deal includes a total of 175 publications, the Canoe web portal, part of the national sales team and 34 real estate properties across the country. However, Sun News Network will stay with Quebecor.
Other newspapers in the region that are changing ownership include the Chatham Daily News, the Sarnia Observer, the Woodstock Sentinel Review and the Brantford Expositor.
The sale still must be approved by the Competition Bureau.
Postmedia reportedly expects to find $6-million to $10-million in cost savings per year within two years.
No word on any job losses or consolidations as of yet.