Postmedia Network
Godfrey secured financial backing from a U.S. private equity firm, the Manhattan-based hedge fund GoldenTree Asset Management—which owns 35 per cent—as well as IJNR Investment Trust, Nyppex and other investors.Except for the Exeter Times-Advocate, St. Catharines Standard, Niagara Falls Review, Peterborough Examiner, and Welland Tribune, all acquired papers will be closed.[17] For Ontario, the closures included the Kingsville Reporter, Lakeshore News (Windsor-Essex area), LaSalle Post, Napanee Guide, Paris Star, Tecumseh Shoreline Week, and Tilbury Times.As well as several New Brunswick daily and weekly newspapers and "digital properties", BNI's assets included a parcel delivery business and "proprietary distribution software".[18] In 2023, Postmedia announced it would be moving a dozen of its Alberta community papers to digital-only platforms, aiming for more outsourcing deals and laying off employees.The announcement was made January 18, 2023, during an internal memo to staff that was obtained by The Canadian Press, describing the measures as a part of a "transformation plan geared toward managing costs".[28][32] In a 2020 article by The New York Times, it was reported journalists had attested that since Chatham Asset Management took over, Postmedia had centralized operations and cut staff so that its 106 newspapers were essentially clones of one another.[38] CFO Doug Lamb received $450,000, COO Andrew MecLeod $425,000, legal and general counsel Jeffrey Harr $300,000, and National Post president Gordon Fisher $200,000.
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