I’m about to acquire a lot of colleagues.
The Competition Bureau has approved (in the sense that it will not oppose) the $316-million acquisition of Sun Media’s 174 newspapers and publications in English Canada, the Canoe portal and other assets by my employer, Postmedia Network.
Press releases from Postmedia and Quebecor say the deal will close in the coming weeks. Once that happens, Postmedia will own the lion’s share of print media in English Canada, including three of six dailies in Toronto, and two paid dailies in Vancouver, Edmonton, Calgary and Ottawa.
The bureau appears to have agreed with Postmedia’s argument that competition from other forms of media, particularly online, will prevent this transaction from becoming anti-competitive. The bureau also points to “the lack of close rivalry between Postmedia’s broadsheet and Sun Media’s English-language tabloid newspapers” and “existing competition from free local daily newspapers” in its decision.
I’ll update my media ownership chart once news comes down that the transaction has closed.