TORONTO--(BUSINESS WIRE)--Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. (“Postmedia” or “the Company”) today announced that, further to its announcement of June 22, 2017, it has completed the sale of its media monitoring division Infomart to Meltwater News Canada Inc., for gross proceeds of $38.25 million subject to adjustments. To satisfy claims arising under the purchase agreement, $5.7M will be paid into escrow. The net proceeds from the sale will be applied to debt repayment.
About Postmedia Network Inc.
Postmedia Network Inc., a
wholly owned subsidiary of Postmedia Network Canada Corp. (TSX:PNC.A,
PNC.B), is a Canadian newsmedia company representing more than 200
brands across multiple print, online, and mobile platforms.
Award-winning journalists and innovative product development teams bring
engaging content to millions of people every week whenever and wherever
they want it. This exceptional content, reach and scope offers
advertisers and marketers compelling solutions to effectively reach
target audiences. For more information, visit www.postmedia.com.
Forward-Looking Information
This news release may include
information that is “forward-looking information” under applicable
Canadian securities laws. The Company has tried, where possible, to
identify such information and statements by using words such as
“believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,”
“could,” “would,” “should” and similar expressions and derivations
thereof in connection with any discussion of future events, trends or
prospects or future operating or financial performance. Forward-looking
statements in this news release include statements with respect to the
transaction to sell the Infomart division to Meltwater. By their nature,
forward-looking information and statements involve risks and
uncertainties because they relate to events and depend on circumstances
that may or may not occur in the future. These risks and uncertainties
include, among others: the impact of the transaction on revenue; the
possibility of adjustments in favour of Meltwater which would reduce the
proceeds of the transaction received by Postmedia; competition from
digital and other forms of media; the effect of economic conditions on
advertising revenue; the ability of the Company to build out its digital
media and online businesses; the failure to maintain current print and
online newspaper readership and circulation levels; the realization of
anticipated cost savings; possible damage to the reputation of the
Company’s brands or trademarks; possible labour disruptions; possible
environmental liabilities, litigation and pension plan obligations;
fluctuations in foreign exchange rates and the prices of newsprint and
other commodities. For a complete list of our risk factors please refer
to the section entitled “Risk Factors” contained in our annual
management’s discussion and analysis for the years ended August 31, 2016
and 2015. Although the Company bases such information and statements on
assumptions believed to be reasonable when made, they are not guarantees
of future performance and actual results of operations, financial
condition and liquidity, and developments in the industry in which the
Company operates may differ materially from any such information and
statements in this press release. Given these risks and uncertainties,
undue reliance should not be placed on any forward-looking information
or forward-looking statements, which speak only as of the date of such
information or statements. Other than as required by law, the Company
does not undertake, and specifically declines, any obligation to update
such information or statements or to publicly announce the results of
any revisions to any such information or statements.