The company says it has successfully closed its acquisition of Atlantic Canada's largest newspaper chain. The $1-million deal for SaltWire N
Atlantic Canada's largest newspaper chain is now officially owned by Toronto-based Postmedia Network Inc.
On Monday, Postmedia confirmed the closing of its $1-million purchase of SaltWire Network Inc. and the Halifax Herald Ltd. in a short statement on its website. The sale was approved by a Nova Scotia Supreme Court judge on Aug. 8.
Andrew MacLeod, Postmedia's president and CEO, said his company is "delighted" to welcome the new media properties, saying the sale "preserves their vital role within the community."
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Let's explore why this is a very bad thing.
Postmedia, the company that just bought a chain of over two dozen Atlantic canada newspapers, is known for many things- none of them good.
This is an incomplete list of harmful things that Postmedia and its executives have done/are known for:
Right-wing politics. "The National Post was founded in 1998 by Conrad Black, who has connections to conservative politics and sat as a Conservative Party member of the United Kingdom's House of Lords. The Post has always been aligned with the right side of the political spectrum. ..."Just in the past couple of years, Postmedia has issued an edict stating that they should move even farther to the right, so they're very reliably conservative," said [Media journalist Marc] Edge. "In fact, [they] endorse Conservative candidates often over the objections of their local editors.""
Union busting. "They employed a mix of cajoling (such as with buyouts and raises), entreaties to preserve the paper’s uniquely collegial newsroom culture, office-wide memos decrying the havoc a union would wreak, and, according to CWA Canada President Martin O’Hanlon, one-on-one meetings between staff and management."
Monopolization of canadian news media. "Postmedia Network’s purchase of Saltwire Network will extend its grip from coast to coast, as it already dominates Western Canada with eight of the nine largest dailies in the three westernmost provinces. This purchase will give Postmedia the largest dailies in Nova Scotia, Prince Edward Island and Newfoundland to go along with the largest in New Brunswick, which it acquired from the Irving Oil family two years ago."
Cuts to pensions and benefits while giving large bonuses to executives. "...several top Postmedia executives had received enormous retention bonuses at a time of aggressive belt-tightening (after which many left regardless), and second, the March 2017 announcement that benefits and pensions would be curtailed significantly."
Already beginning to lay off staff from the Atlantic canada newspapers they now own. "...the long-term future of workers in departments like circulation, advertising, customer service, finance and production remains uncertain. "Staff believe maintaining local jobs in the community is critical to retaining both subscribers and clients," the union said. Last week, the union representing workers at The Telegram confirmed that four of the paper's 13 newsroom positions will be eliminated."
More reading: source 1, source 2
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