Postmedia and Torstar have swapped more than 40 local community newspapers with each other, and most are destined to be shut down.
The media companies announced in a press release Monday morning that Postmedia would get two dozen community newspapers and two free commuter dailies from Torstar, and at the same time give 17 newspapers — 15 community papers and two big-city free commuter dailies — to Torstar.
No cash changed hands during the deal, as the papers “have approximately similar fair values,” Postmedia said, but the fate of almost all papers is the same — they’re destined to be closed either immediately or soon.
Postmedia took over:
- Belleville News.
- Brant News.
- Central Hastings News.
- Exeter Times-Advocate.
- The Exeter Weekender.
- Frontenac Gazette.
- Kanata Kourier-Standard.
- Kingston Heritage.
- Meaford Express.
- Nepean/Barrhaven News.
- Norfolk News.
- Orleans News.
- Ottawa East News.
- Ottawa South News.
- Ottawa West News.
- Our London.
- Quinte West News.
- St. Lawrence News.
- St. Marys Journal-Argus.
- The St. Marys Weekender.
- St. Thomas/Elgin Weekly News.
- Stittsville News.
In addition, Postmedia will acquire the free commuter newspapers, Metro Ottawa and Metro Winnipeg. Postmedia already owns other newspapers in both of those cities, and plans to shut down Metro in each of them.
The only papers in the deal that Postmedia plans to keep running are the Exeter Times-Advocate and the Exeter Weekender. In total, the closures of all the others will result in the loss of approximately 244 jobs.
“The continuing costs of producing dozens of small community newspapers in these regions in the face of significantly declining advertising revenues means that most of these operations no longer have viable business models,” Postmedia chair Paul Godfrey said.
For their part, Torstar got these newspapers:
- Barrie Examiner.
- Bradford Times.
- Collingwood Enterprise Bulletin.
- Fort Erie Times.
- Innisfil Examiner.
- Inport News (Port Colborne).
- Niagara Advance.
- Niagara Falls Review.
- Northumberland Today.
- Orillia Packet and Times.
- Pelham News.
- Peterborough Examiner.
- St. Catharines Standard.
- Thorold Niagara News.
- Welland Tribune.
- Stratford City Gazette.
- West Carleton Review.
In addition to the smaller community papers, Torstar also got two new free commuter newspapers in major cities, 24 Hours Toronto and 24 Hours Vancouver.
As is the case with Postmedia, most of Torstar’s new properties are to be shut down, including those two.
Only four papers — St. Catharines Standard, Niagara Falls Review, Welland Tribune and Peterborough Examiner — will continue to operate.
The rest will all be closed in a move that Torstar says it expects will results in cost saving synergies of between $5 and $7 million. The Torstar closures, which are effective immediately, will affect 46 full-time and part-time employees.
“By acquiring publications within or adjacent to our primary areas and selling publications outside our primary areas, we will be able to put a greater focus on regions where we believe we can be more effective in serving both customers and clients,” Torstar chief executive John Boynton said.