Postmedia announces sale of Toronto head office for $24 million
At the risk of being accused of being a hit man by Vancouver Sun reporter Jeff Lee, I have some news to report about the company that owns his newspaper.
Postmedia Network Canada Corp. has announced an agreement to sell its Toronto headquarters for $24 million to The Rose & Thistle Group Ltd.
The newspaper company, which also owns the Province, may cancel the deal if it can't sign a lease to its satisfaction with a new landlord within 30 days.
Today was not good for Postmedia's B class shareholders. The stock closed at $0.80—down to less than five percent of its value of a year ago.
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