Merger talks between Postmedia, Nordstar called off
Posted July 10, 2023 1:10 pm.
Last Updated July 10, 2023 1:11 pm.
A headline-grabbing merger between media giants Postmedia Network Canada Corp. and Nordstar Capital LP won’t happen after Postmedia confirmed in a release Monday that the two sides were “unable to come to agreement on the terms” of the proposed deal.
Nordstar owns the Metroland Media Group and the Toronto Star, while Postmedia owns hundreds of brands including the National Post, the Financial Post and the Toronto Sun.
In a release Postmedia confirmed that merger talks have “ceased.”
“The need for creative solutions and foundational transformation in our industry remains,” Andrew MacLeod, president and CEO of Postmedia said in a statement.
“Our continued focus is on protecting and ensuring Canadians’ access to reliable information. By leveling the playing field with the tech giants and creating a healthy ecosystem, we can ensure that the media industry and journalism remain vibrant, diverse, and resilient in Canada.”
Under the original plan, Nordstar would have had a 50 per cent voting interest and 44 per cent economic interest, while Postmedia shareholders would have had a combined voting interest of 50 per cent, and a combined economic interest of 56 per cent.
With files from Alejandro Melgar and The Canadian Press
More to come
