Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Postmedia’s largest shareholder looks to sell stake, reports say

TORONTO – The Wall Street Journal is reporting that Postmedia’s largest shareholder is looking for buyers of its stake in the media organization.

GoldenTree Asset Management LP, which specializes in corporate and structured debt, owns 52.36 per cent of Postmedia’s variable voting shares and a portion of its debt, according to the company’s most recent management information circular.

The Journal reports that GoldenTree informed Postmedia’s board in February of its desire to sell that stake. Canaccord Genuity Group Inc. has been hired to help GoldenTree find buyers.

A Postmedia spokeswoman said the company had no comment.

GoldenTree also declined to comment and Canaccord did not immediately return requests for comment.

Postmedia says it’s aiming to reduce costs by $80 million by the middle of next year.

News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.

Related Articles