Postmedia receives court approval of potential acquisition of Saltwire

Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp., today announced that the Nova Scotia Supreme Court has issued an order approving Postmedia’s previously announced potential acquisition of certain businesses and assets of Saltwire Network Inc. and The Halifax Herald Limited. Postmedia also confirmed that it had reached an agreement with certain unions representing employees of Saltwire in respect of certain employment-related matters.

“We are pleased to have received court approval of the potential acquisition and that key stakeholders could collaborate to move towards the next stage of this process. We look forward to continuing the proud history and important role of these titles across Atlantic Canada if the transaction is completed,” said Andrew MacLeod, president and chief executive officer of Postmedia. “Ensuring a future for Canadian journalism by building new, sustainable models is at the core of what we do. What worked in the last century no longer does today. While change is difficult, we at Postmedia believe with deep conviction that there is a positive, sustainable and vibrant future for news media in the Atlantic provinces and across Canada.”

The potential acquisition remains subject to various conditions, including the completion of definitive transaction documentation, and has an outside close date of Aug. 26.

About Postmedia Network Canada Corp.:

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 130 brands across multiple print, online and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences Our expertise in home delivery and expanding distribution network powers Postmedia Parcel Services. For more information, visit www.postmedia.com, www.postmediasolutions.com and www.postmediaparcelservices.com.