Newspaper article The Canadian Press

Turning the Page: Timeline of Postmedia Empire's Inception and Struggles

Newspaper article The Canadian Press

Turning the Page: Timeline of Postmedia Empire's Inception and Struggles

Article excerpt

Timeline of Postmedia inception and struggles

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TORONTO - Postmedia announced a proposal Thursday it hopes will reduce its massive debt load, which has been an albatross for the company in an era when it has seen advertising revenue and print circulation fall.

Here's a look at the media empire's inception and recent struggles as it tries to turn the page:

2000 -- Canwest Global Communications Corp., then Canada's second-largest private broadcaster, acquires the former Southam newspaper chain from Conrad Black's Hollinger Inc. in a $3-billion deal.

2007 -- Canwest takes on more assets and debt, partnering with Goldman Sachs Capital in a $2.3-billion deal to acquire specialty television producer Alliance Atlantis Communications Inc.

2010 -- Canwest puts its newspaper division up for auction after going into bankruptcy protection. A group of creditors led by Paul Godfrey, then president and CEO of the National Post, and backed by New York hedge fund GoldenTree Asset Management, win the bid in a $1.1-billion deal including $950 million in cash. The deal was structured to provide enough cash to pay off Canwest's banks, which were owed about $925 million. The newspaper division is renamed Postmedia. "Our new name reflects both the strong legacy and the exciting future of media as we prepare to emerge as a new Canadian business," Godfrey says.

Aug. 21, 2012 -- Postmedia launches a metered paywall on its newspaper websites in a bid to counter lower income from advertising and print circulation.

Jan. 13, 2014 -- About 48 staff are laid off at Postmedia's classifieds call centre in Calgary as it outsources that work to cut costs.

Oct. 6, 2014 -- Postmedia announces a $306 million deal to buy more than 170 media brands from Quebecor Media. The deal includes Sun Media newspapers in Toronto, Ottawa, Winnipeg, Edmonton, Calgary and London, Ont., 25 smaller dailies, the free 24 Hours newspapers in Toronto and Vancouver, websites and more than 140 community newspapers, trade publications and magazines. …

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