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Transcontinental Completes CanWest Acquisition of Community Papers

Press release from the issuing company

Transcontinental purchase of all CanWest community newspapers in Atlantic Canada and Saskatchewan complete WINNIPEG, Aug. 9 - CanWest Global Communications Corp. announced today that its agreement with G.T.C. Transcontinental Group Ltd. for the sale of all CanWest's community newspapers and related assets in Atlantic Canada and Saskatchewan for a cash price of approximately $255 million has closed. The proceeds will be used to reduce corporate debt. The sale included daily papers such as the Halifax Daily News, Charlottetown Guardian, St. John's Telegram, New Glasgow Evening News, Cape Breton Post, Truro Daily News, Prince Albert Daily Herald, and Moose Jaw Times Herald. The transaction also includes other weeklies, monthlies, shoppers and insert publications, as well as commercial printing operations in Prince Edward Island and Saskatoon.