Postmedia Network Canada completes Canwest acquisition
Toronto-based Postmedia Network Canada has completed its acquisition of Canwest Publishing's print and online assets. The transaction makes the recently-formed company the largest publisher of paid English-language daily newspapers in Canada. The deal also includes a collection of community publications and web-based properties. The purchase includes substantially all the financial and operating assets of Canwest Publishing, Canwest Limited Partnership, Canwest (Canada) and Canwest Books. The company now owns publications including the Vancouver Sun, Calgary Herald, Ottawa Citizen, Montreal Gazette and National Post, as well as their respective websites and online properties including Canada.com, Driving.ca, Working.com, Dose.ca and FPinfomart.ca. The company intends to apply for a listing of shares on the Toronto Stock Exchange. "Traditional media have evolved in such exciting ways since I first came to the industry 26 years ago," said Paul Godfrey president and CEO of Postmedia. "Our brands reach more people across more platforms than ever possible and the future of our digital growth areas holds tremendous potential. It has been a long journey to get to this day and now we begin the work of transforming from a traditional media company to a fully integrated multi-media company with a new brand, a refocused strategy and a determination to be at the forefront of industry change."