LONDON

Torstar and Postmedia to close several community papers, including Our London

The Canadian Press/CTV London Published Monday, November 27, 2017 11:40AM EST Last Updated Monday, November 27, 2017 6:44PM EST

Text:

TORONTO -- Torstar Corp. and Postmedia Network Inc. will close a number of daily and community newspapers, including Our London, as part of a deal to swap titles.

Postmedia (TSX:PNC.A, TSX:PNC.B) announced it will cut 244 jobs as it plans to shutter 21 of the 22 community newspaper properties it has acquired from Torstar as well as the Metro Winnipeg and Metro Ottawa free dailies.

Meanwhile, Torstar's Metroland Media Group Ltd. said it will close three of the seven daily newspapers in Ontario it acquired from Postmedia as well as the eight community newspapers purchased.

Slated to close in our area are the St. Mary's Journal-Argus, the St. Mary's Weekender, the St. Thomas-Elgin Weekly News and the Stratford City Gazette.

The daily publications that will close are the Barrie Examiner, Orillia Packet & Times and Northumberland Today, while it expects to continue to publish St. Catharines Standard, Niagara Falls Review, Welland Tribune and Peterborough Examiner. The closure of the newspapers will affect 46 full-time and part-time employees.

Torstar (TSX:TS.B) will also close the free dailies 24Hours Toronto and 24Hours Vancouver, a move that will result in the loss of one job.

The companies say the transaction is effectively a non-cash deal, as the consideration for the publications being purchased is roughly equal to that of the publications being sold.

Torstar holds an investment in The Canadian Press as part of a joint agreement with a subsidiary of the Globe and Mail and the parent company of Montreal's La Presse.

Properties Acquired by Postmedia from Torstar@

To remain open:@

Exeter Times-Advocate (and the Exeter Weekender)

To be closed:@

Metro Ottawa

Metro Winnipeg

Belleville News

Brant News

Central Hastings News

Frontenac Gazette

Kanata Kourier-Standard

Kingston Heritage