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Union explains conditions of Postmedia’s acquisition of SaltWire newspaper chain

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CWA News

Postmedia,Saltwire Network,Canada

The CWA negotiated with Postmedia after the Toronto-based company had reached a tentative deal to buy SaltWire for $1-million.

Experts are voicing concerns about Postmedia's pending purchase of Atlantic Canada's largest newspaper chain, saying it's almost certain to result in job cuts and a reduction in local content. This comes after Postmedia announced plans to buy a number of businesses belonging to SaltWire Network and The Halifax Herald.

“There were some really straightforward, housekeeping changes,” Fitzpatrick said in an interview. “There were no substantive, material changes to the terms .” Still, Postmedia has made it clear it plans to cut jobs in the months ahead, which has left SaltWire’s 363 employees and 800 contractors feeling anxious. About 100 of those jobs are unionized.

During the court hearing in Halifax on Thursday, it was confirmed that SaltWire’s pension plan would be wound up, a move that will affect 426 pension plan members. Court heard the plan is 90 per cent funded with a $6-million unfunded liability.

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