Torstar acquires 24 hours Vancouver as part of large swap of newspapers with Postmedia

Postmedia immediately announced that it will close 22 of the 24 titles it has obtained

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      Two of Canada's publishing giants have announced that they're swapping ownership of more than three dozen newspapers.

      And one of them, Postmedia, immediately declared that it will shut down 22 of the 24 titles that it has acquired.

      "The transaction is not subject to the merger notification provisions of the Competition Act and no regulatory clearance is required to close the transaction," Postmedia said in a news release.

      No money changed hands because Postmedia and Torstar concluded that the properties have "approximately similar fair values".

      The only B.C. newspaper involved in the deal is 24 hours Vancouver, which Postmedia has turned over to Torstar.

      Torstar already owns controlling interest in Vancouver's only other commuter paper, Vancouver Metro.

      Torstar's news release did not indicate that 24 hours Vancouver will be closed.

      Its newsroom was shut down last year after Postmedia bought it from Quebecor as part of a huge deal that included the Sun newspaper chain. Postmedia owns the Vancouver Sun and Province newspapers.

      Billionaires Jim Pattison and Pierre Karl Peladeau announced the launch of 24 hours Vancouver in 2005.
      Charlie Smith

      24 hours Vancouver was created in 2005 as a partnership between the Jim Pattison Group and Quebecor. Pattison dumped his 50-percent share a year later.

      The first president of 24 hours Vancouver was former B.C. premier Glen Clark, now president and chief operating officer of the Jim Pattison Group.

      Below, you can see the list of papers that have changed hands. Of those acquired by Postmedia, only the Exeter Times-Advocate and the Exeter Weekender will be kept open after mid-January.

      “What makes this particularly difficult is that it means we will say goodbye to many dedicated newspaper people," Postmedia CEO and executive chairman Paul Godfrey said in the company's news release. "However, the continuing costs of producing dozens of small community newspapers in these regions in the face of significantly declining advertising revenues means that most of these operations no longer have viable business models."

      Properties Acquired by Postmedia from Torstar

      Belleville News

      Brant News

      Central Hastings News

      Exeter Times-Advocate
      (and the Exeter Weekender)

      Frontenac Gazette

      Kanata Kourier-Standard

      Kingston Heritage

      Meaford Express

      Metro Ottawa

      Metro Winnipeg

      Nepean/Barrhaven News

      Norfolk News

      Orleans News

      Ottawa East News

      Ottawa South News

      Ottawa West News

      Our London

      Quinte West News

      St. Lawrence News

      St. Mary’s Journal-Argus
      (and the St. Mary’s Weekender)

      St. Thomas/Elgin Weekly News

      Stittsville News

      Stratford City Gazette

      West Carleton Review

      Properties Sold by Postmedia to Torstar

      24 Hours Toronto

      24 Hours Vancouver

      Barrie Examiner

      Bradford Times

      Collingwood Enterprise Bulletin

      Fort Erie Times

      Innisfil Examiner

      Inport News (Port Colborne)

      Niagara Advance

      Niagara Falls Review

      Northumberland Today

      Orillia Packet & Times

      Pelham News

      Peterborough Examiner

      St. Catharines Standard

      Thorold Niagara News

      Welland Tribune