Postmedia, Toronto Star owner Nordstar end their merger discussions

TORONTO — Canadian media companies Postmedia Network Canada Corp. and Nordstar Capital LP, the company that owns the Toronto Star, have ended discussions about a potential merger, saying they were unable to come to an agreement.

"These are challenging times for media companies, but we intend to keep working hard to give Canadians the news they need to stay informed, which is essential to our communities and to the functioning of our democracy," said Nordstar owner and Toronto Star publisher Jordan Bitove in a press release. The two companies announced in late June that they were in talks to merge in a deal that would have seen Postmedia and Metroland Media Group combine forces, while the Toronto Star would be managed by a new company.

But experts sounded the alarm over what such a deal could do for local news coverage and for competition in journalism. Many compared it to a deal in 2017 that saw Torstar and Postmedia swap 41 community and daily newspapers, 36 of which were subsequently closed.Postmedia laid off 11 per cent of its editorial staff earlier this year in the latest sign of struggle for the national company, which owns publications across the country including the National Post, Vancouver Sun and Calgary Herald.

Source: News Formal (newsformal.com)

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