Postmedia Network has confirmed that discussions with Nordstar Capital LP regarding a potential transaction have ended without an agreement being signed.
On June 27, 2023 Postmedia announced it had entered into non-binding discussions to consider a combination of Postmedia, together with the Metroland newspapers and certain operational assets of the Toronto Star, through a potential merger transaction and that there could be no assurance that the parties would enter into definitive agreements. The parties were unable to come to agreement on the terms of the merger.
“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,” Jordan Bitove, owner of NordStar, said in a press release.
“The need for creative solutions and foundational transformation in our industry remains. Our continued focus is on protecting and ensuring Canadians’ access to reliable information,” said Andrew MacLeod, President and Chief Executive Officer, Postmedia. “By leveling the playing field with the tech giants and creating a healthy ecosystem, we can ensure that the media industry and journalism remain vibrant, diverse, and resilient in Canada.”
