Postmedia plans to buy Atlantic Canada’s insolvent SaltWire newspaper chain

Postmedia Network Inc. PNC-B-T announced today plans to buy certain businesses belonging to SaltWire Network Inc. and The Halifax Herald Ltd., the two insolvent companies behind Atlantic Canada’s largest newspaper chain.

Postmedia says it wants to complete the acquisition by Aug. 26, but the company stressed that the deal is subject to conditions, including “satisfactory outcomes” with unionized workers.

The Toronto-based company said the potential acquisition is aligned with its commitment to preserving local journalism.

No financial details were disclosed.

The Halifax Herald Ltd. owns The Chronicle Herald, the independent Halifax-based daily newspaper that was founded almost 200 years ago.

SaltWire Network Inc. owns other daily newspapers in Nova Scotia, P.E.I. and Newfoundland, including the Cape Breton Post in Sydney, N.S., the Guardian in Charlottetown and the Telegram in St. John's, N.L., as well as weekly papers and several digital publications.

Together, the companies employ about 800 independent contractors and 390 staff, including about 100 unionized positions, according to court documents.