Postmedia enters agreement to acquire SaltWire, Halifax Herald Ltd.

Postmedia Network has announced that it has entered into an agreement to acquire certain businesses and assets of SaltWire Network and The Halifax Herald Limited.

The two entities are currently under Companies’ Creditors Arrangement Act (CCAA) protection.

“If the transaction can be completed, Postmedia intends to provide the necessary back-office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities,” said Andrew MacLeod, president and CEO of Postmedia, in a release. “Saltwire filed for CCAA protection after years of financial difficulties, underscoring that its current operational model is unsustainable. In order to save critical journalism jobs, we will need the support of the relevant unions to help construct a viable business model,” MacLeod said.

Postmedia says the potential acquisition is subject to various conditions, including satisfactory outcomes with unions and other stakeholders, and court approval, and that it is imperative that key conditions be satisfied by Aug. 5, with an outside close date of Aug. 26.

“We urge all stakeholders, including employees and community leaders, to support our efforts. The future of local journalism in the Atlantic provinces depends on everyone’s cooperation in a successful restructuring,” MacLeod said.

Postmedia Network represents more than 130 brands across multiple print, online and mobile platforms.