Included in the sale are 28 brands, four printing plants and commerical printing activities.
The following memo was sent to TC Media staff on April 13, 2017, from François Olivier, President and CEO of TC Transcontinental, Julia Kamula, Senior Vice President, Local Solutions, TC Media
We announced today the sale of our Atlantic Canada media assets to SaltWire Network Inc., an important independent local media group which publishes the daily newspaper The Chronicle Herald in Nova Scotia, among others. The transaction is effective immediately and includes the sale of 28 brands and web-related properties, four printing plants operated within our Media Sector, commercial printing activities in the province of Newfoundland and Labrador as well as distribution activities in Atlantic Canada.
TC Transcontinental remains the owner of the two plants operated within its printing division in this region, which are Transcontinental Halifax, located at 11 Ragged Lake Blvd., in Halifax, and Transcontinental Prince Edward Island, located at 169 Industrial Drive, in Borden-Carleton.
For a complete list of the brands included in this transaction and the printing plants that are now owned by SaltWire Network Inc., you may refer to our press release on tc.tc.
SaltWire Network Inc. expressed their interest in acquiring our portfolio of titles in Atlantic Canada given how well their publications and digital products complement ours. After careful consideration, we have decided to move forward with this transaction as we pursue our transformation. We feel that it is the best decision for the continued sustainability of these operations and that this transaction will help foster even stronger connections with the local communities that these publications serve. SaltWire Network Inc. has deep publishing roots in Atlantic Canada and we are confident that they are well-positioned to carry on the legacy of these brands.
Approximately 650 TC Media employees in Atlantic Canada are part of the transaction. They were informed today, and will be meeting with SaltWire Network Inc. representatives over the next few days and weeks.
On behalf of all of us at TC Transcontinental, we would like to sincerely thank them for their passion, dedication and invaluable contribution over the years. Although faced with uncertainty in the context of a challenging media industry, they have remained incredibly resilient and professional. We wish them continued success.
Thank you for your collaboration. If you have any questions about the transaction, do not hesitate to contact your manager.