Postmedia has announced it will purchase all of the daily and weekly newspapers owned by New Brunswick's Irving family
Brunswick News Inc’s stable of daily
newspapers in New Brunswick includes the Telegraph-Journal in Saint John, the Times
and Transcript in Moncton and The Daily Gleaner in Fredericton.
The proposed deal includes acquisition of
Brunswick’s digital properties and parcel delivery business.
Postmedia has offered J. D. Irving $7.5
million in cash and $8.6 million in shares of Postmedia at an implied price of
$2.10 per variable voting share.
The transaction is subject to various closing
conditions, including approval by the Toronto Stock Exchange.
Brunswick News also owns the Miramichi Leader,
Woodstock Bugle-Observer, Bathurst Northern Light, Kings County Record,
Campbellton Tribune and The Victoria Star, which covers the Grand Falls area of
eastern New Brunswick.
The purchase signals J.D. Irving’s exit from
the media business, Jim Irving, co-CEO of J.D. Irving Ltd., said in a
statement. (CP)
