Canwest’s newspaper division, which includes The National Post and other big city dailies, has
emerged from creditor protection and confirmed Postmedia Network Canada
Corp. as its new owners.
Postmedia is headed by National Post CEO Paul Godfrey. The company has acquired the newspapers for $1.1 billion, The Toronto Star reports. Godfrey plans to announce changes to operations this week. He also said he hopes to list the company on the Toronto Stock Exchange by the end of the year.
The Star reports:
” “I’ll be announcing some changes in the next few days of structure, and who the directors are, and as the weeks go by probably make some other announcements and changes,” [Godrey] said in an interview.
“However, when asked about whether job cuts could be on the horizon, Godfrey said it was premature.
” “The deal just closed today,” he said. “I haven’t had a chance to even look at that.”
“Godfrey has made it clear he wants the company to operate as a “digital-first newspaper” while still focusing on traditional print copies, which are a bigger revenue generator.”