Irving-owned New Brunswick newspapers to be sold to Postmedia
Brunswick News Inc. is being sold for $7.5M in cash and $8.6M in variable voting shares of Postmedia
Brunswick News Inc., which publishes three daily newspapers and six weeklies in the province, has been sold to Ontario-based Postmedia Network Inc.
Postmedia announced Thursday night it has reached a deal with J.D. Irving Inc. to buy BNI, including its parcel delivery business.
The papers produced by BNI include the following:
- Times & Transcript in Moncton
- Daily Gleaner in Fredericton
- Miramichi Leader
- Woodstock Bugle-Observer
- Bathurst Northern Light
- Kings County Record
- Campbellton Tribune
- Victoria Star in Grand Falls
Jim Irving, co-CEO of J.D. Irving, is quoted in the news release as saying the sale "represents an exit from the media business" for his company.
The family's involvement in media dates back to the 1930s, when K. C. Irving, Jim Irving's grandfather, purchased a Saint John weekly newspaper as he built an empire that also included forestry and forest products, oil and shipbuilding.
Additional purchases led to the family owning every daily newspaper in the province except the French-language paper L'Acadie Nouvelle, although it is printed by BNI.
Postmedia already owns more than 120 papers, including the National Post, Vancouver Sun, Calgary Herald and Ottawa Citizen.
Andrew MacLeod, president and CEO of Postmedia, is quoted in the news release as saying the BNI papers have a proud history.
"We look forward to continuing that legacy," he said.
Phyllis Gelfand, spokesperson for Postmedia, said the company is "not doing interviews today."
Postmedia said the deal to acquire Brunswick News is subject to closing conditions.