Postmedia given go-ahead to purchase Sun Media

Postmedia announced March 25th that its deal for Sun Media Corporation’s English media assets could close within “the next few weeks,” after the Competition Bureau indicated it would not challenge last fall’s deal with Quebecor Media.

The Toronto-based media company said it had received a no-action letter from the Competition Bureau regarding its acquisition of Sun Media Corporation’s 175 English newspapers, specialty publications and associated digital properties.
Over thirty of Sun Media’s Alberta community titles are included in the deal, along with the Sun chain of dailies as well as The London Free Press, the free commuter papers 24 Hours Toronto and 24 Hours Vancouver, and 130 other English language community papers. It also includes the Canoe web portal outside of Quebec.

The Competition Bureau said the deal is unlikely to substantially lessen or prevent competition in the Canadian newspaper industry.
Postmedia president and CEO Paul Godfrey said the $316 million deal means the company is poised to better compete with “foreign-based digital giants” like Google and Facebook. He said these companies have been “disrupting” the Canadian media landscape “at the peril of distinctive Canadian voices.”