BRITISH COLUMBIA – Black Press Ltd. and certain of its subsidiaries, today announced that it has completed the previously announced sale of the Company to Canso Investment Counsel Ltd., Deans Knight Capital Management Ltd. and Carpenter Media Group as part of the Company’s restructuring under the Companies’ Creditors Arrangement Act.
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.”
Black Press was founded in 1975 by David H. Black with the purchase of his first publication, The Williams Lake Tribune and employs approximately 1,200 people between the Canadian and U.S. divisions.
Source: Black Press Ltd
