Surrey (CISION Newswire/Canadian Press) – New ownership of Black Press by Canso, Deans Knight and Carpenter Media Group puts Black Press on solid and sustainable financial footing to continue publishing impactful local journalism.
Black Press owns many newspapers including the Fraser Valley outlets Abbotsford News and Chilliwack Progress.
From Canadian Press:
Black Press Ltd., the owner of dozens of community newspapers across Western Canada, says it has emerged from creditor protection following the restructuring and sale of the company.
The Surrey-based publisher announced in January it had entered creditor protection under the Companies’ Creditors Arrangement Act.
On Monday it said it has closed its previously announced sale of the company to Canadian institutional investors Canso Investment Counsel Ltd. and Deans Knight Capital Management Ltd. as well as Carpenter Media Group.
Black Press says it is now on solid and sustainable financial footing and will be able to continue to publish impactful local journalism and advertising.
Black Press publishes 150 daily and weekly newspapers, magazines and websites across Canada and the U.S. and employs approximately 1,200 people.
Under the terms of the sale, Black Press will remain Canadian-owned.
From their media release:
Black Press Ltd. and certain of its subsidiaries (collectively “Black Press” or the “Company”), today announced that it has completed the previously announced sale of the Company (the “Transaction”) to Canso Investment Counsel Ltd. (“Canso”), Deans Knight Capital Management Ltd. (“Deans Knight”) and Carpenter Media Group (“Carpenter” and, together with Canso and Deans Knight, the “Purchasers”) as part of the Company’s restructuring under the Companies’ Creditors Arrangement Act (“CCAA”).
As a result of the restructuring and sale, the Company has today emerged from its proceedings under the CCAA on solid and sustainable financial footing, enabling it to continue publishing impactful local journalism and providing outstanding advertising solutions.
The Purchasers bring additional expertise in successful management of local media, as well as the continued support of Deans Knight and Canso, large Canadian institutional investors with a long-term focus, a history of supporting Black Press and significant experience in the media sector. Under the terms of the transaction, the Company remains Canadian-controlled.
“With this transaction, Black Press is in a much stronger position to serve our valued Canadian and American readers, customers, employees, and communities over the long term,” said Glenn Rogers, chief executive officer of Black Press. “We thank our subscribers, advertisers and employees for their support throughout this process, and we look forward to continuing our mission of providing the best local coverage in all the markets where we operate.”
