Postmedia Network Canada Corp. has confirmed that it is in talks to merge with Nordstar Capital LP, the owner of Metroland Media Group and the Toronto Star.
The two publishers say the proposed deal, which is yet to be finalized, is a bid to create greater scale so they can respond to the"existential threat" facing the media industry.
Bitove, owner of Nordstar, would be chairman of the merged entity and Andrew MacLeod, chief executive of Postmedia, would be CEO. "The core rationale for the proposed merger is to create a new entity with reduced debt, national digital scale to compete with the global technology giants and economies of scale in the business model," said MacLeod in the release.
Postmedia announced significant layoffs in January this year, with around 11 per cent of editorial staff to be affected. The company owns publications including the National Post, Vancouver Sun and Calgary Herald.
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