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Postmedia-Nordstar merger ends as groups could not come to agreement | Globalnews.ca

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Postmedia-Nordstar merger ends as groups could not come to agreement

, have ended discussions about a potential merger, saying they were unable to come to an agreement.

“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,” said Nordstar owner and Toronto Star publisher Jordan Bitove in a press release. They had said the proposed deal would help them scale up in order to respond to the “existential threat” facing the media industry.But experts sounded the alarm over what such a deal could do for local news coverage and for competition in journalism. Many compared it to a deal in 2017 that saw Torstar and Postmedia swap 41 community and daily newspapers, 36 of which were subsequently closed.The Competition Bureau launched a probe into that deal but eventually made no move to stop it.

Meanwhile, Postmedia shareholders would have held a 56 per cent economic interest in the merged company, with Nordstar holding the rest, while voting shares would have been evenly split.

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