HALIFAX – Postmedia Network Inc. has won court approval for its bid to buy Atlantic Canada’s largest newspaper chain, but the company says the acquisition will lead to job cuts.
The Toronto-based company’s $1-million offer for insolvent SaltWire Network Inc. and the Halifax Herald Ltd. was given the green light Thursday by the Nova Scotia Supreme Court as part of an insolvency proceeding under the federal Companies’ Creditors Arrangement Act.
Justice John Keith described the transaction as a “reasonable and fair” effort to keep local journalism alive.
NEW: Union explains conditions of Postmedia’s acquisition of SaltWire newspaper chain (CP)
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