Canadian newspaper baron David Black is retiring and his newspaper empire is being sold.
Black Press newspapers reported today that Black Press is being sold, with the new ownership group to include the Canso Investment Counsel, Deans Knight Capital Management and Carpenter Media Group in the U.S.
Carpenter Media Group owns newspapers in Texas, Louisiana, Mississippi, Tennessee, Georgia, North Carolina, Virginia and Kentucky.
As part of the restructuring, Black Press will seek creditor protection in B.C. Supreme Court, the Kelowna Capital News reported.
Under the terms of the proposed sale, Black Press Media will continue to be Canadian controlled.
Black Press owns more than 80 community newspapers in Western Canada and the Pacific Northwest, including the Yukon and Alaska, and Hawaii.
In B.C., Black Press owns 67 community newspapers, including 23 on Vancouver Island and 13 in the Lower Mainland-Fraser Valley.
“Black Press Media intends to continue to operate its 80-plus local news publications – online and in print – as well as its lifestyle magazines and various customer solutions services within Canada, with its head office remaining in Surrey, B.C.,” the Kelowna Capital News reported.
“The media company employs roughly 1,200 employees between its Canadian and U.S.” divisions.”
David Black could not be reached for comment.
