In March 2024, SaltWire went into creditor protection. In July 2024, SaltWire agreed to be acquired byPostmedia Network, in a sale completed on August 26, 2024. During the first week of December 2024, Saltwire was rebranded asPNI Atlantic News and headquarters moved to Toronto.
On April 13, 2017,Halifax's independently ownedThe Chronicle Herald announced its acquisition of 27 newspapers in the region fromTranscontinental Media, via the newly formed parent company SaltWire Network.[1] Transcontinental began a gradual exit from mainstream publishing in order to focus on specialty media and educational publishing.[2] The exact purchase price was not disclosed, although business analysts estimated that the publications were worth approximately $30 million in total.[3]
The deal came amid a year-long strike by the employees ofThe Chronicle Herald.[4] The deal shocked striking staff because it meant that management had the money to buy a newspaper chain, while asking the union for concessions on benefits and wages because of money flow issues.[5] The transaction was criticized by labour leaders because Herald management was essentially crying poor in negotiations.[6] After being on the picket-lines for 18 months, with the help of a provincially appointed mediator, the strike finally came to an end in August 2017.[7] 61 editors, writers and photographers went on strike, 26 were laid-off when the agreement passed, but management conceded to not replace laid off staff with non-unionized employees during the eight-year agreement.[8]
In June 2018, Saltwire Network changed theCarbonear,Newfoundland-based weekly newspaper,The Compass, from a subscriber model to a free total market product delivered as a flyer package wrap.[9] July 2018 saw Saltwire Network closeThe Beacon,The Advertiser,The Pilot andThe Nor'wester, and merge them into a free weekly known asThe Central Voice. The new paper began publication on August 1, 2018.[10]
In March 2019, all SaltWire publication websites introduced meteredpaywalls.[11] At the end of March 2019, the company terminated its affiliation with theCanadian Press newswire service, opting instead to become a client ofPostmedia andReuters.[11] In March 2019, SaltWire announced it was putting 10 of its newspaper buildings up for sale, including the headquarters for theCape Breton Post, and theSt. John's Telegram's.[12]
In April 2019, SaltWire announced it was turningCorner Brook-basedThe Western Star into a weekly delivered free to consumers as a flyer wrap. This resulted in the layoff of around 30 employees. Independent delivery contractors were also affected.[13] At the same time, it was announced that the two Labrador weeklies would merge into one calledThe Labrador Voice, which closed a year later.[14]
In April 2019, SaltWire filed a lawsuit in theSupreme Court of Nova Scotia against Transcontinental, accusing it of overstating and misrepresenting details surrounding the revenue of the papers it had acquired.[15] The company threatened a counter-suit, stating that the sale was "conducted based on fair, accurate and timely information", and accusing SaltWire of failing to "fulfil its payment obligations".[16][17]
In March 2024, both lender Fiera Private Debt and SaltWire applied to place the media company under creditor protection.[18] Fiera was owed over $32 million.[19] On July 26, 2024,Postmedia Network entered an agreement to purchase SaltWire.[20] When the sale was announced, SaltWire employed about 800 independent contractors and 390 staff (including Halifax Herald Ltd.).[21]
At an insolvency court hearing in Halifax, on August 8, 2024, a Nova Scotia Supreme Court justice approved the sale.[22] Postmedia completed the transaction on August 26, 2024.[23]
Postmedia did not buy all of SaltWire's assists. The biggest asset left unsold was the Newfoundland printing plant that was used byThe Telegram and other community papers.[24]The Telegram therefore announced that it would discontinue daily publishing after August 24, 2024, and convert to a weekly published on Fridays.[25][26][27] TheCape Breton Post building on George Street in Sydney was sold in October 2024, after the building became surplus with the paper being printed at the same press as theHalifax Herald.[28]
About a month after Postmedia's takeover, about 30 percent of SaltWire's staff were laid off, including management, editorial staff, and writers, including cartoonistMichael de Adder.[29] During the first week of December 2024, Postmedia rebranded SaltWire as PNI Atlantic News, with their websites and print editions changing to look like the parent company's other newspapers and their head office moved toToronto.[30][31]
^PNI Staff (December 5, 2024)."Note to readers".Cape Breton Post. Toronto: PNI Atlantic News.Archived from the original on December 20, 2024. RetrievedDecember 20, 2024.
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