Hyperlocal news network Black Press Media completed its sale Monday (March 25), following the formerly announced corporate restructuring.
The sale comes as the company wraps up its creditor protection process in the B.C. Supreme Court and its related U.S. proceedings.
The company will remain Canadian-controlled, with its head office based in Surrey, British Columbia.
The ownership group includes Canadian institutional investors Canso Investment Counsel and Deans Knight Capital Management, as well as local media company Carpenter Media Group.
Black Press Media intends to continue serving as the go-to source for local news – online and in print – by operating its 80-plus local news publications and various customer solutions services within Canada. The media company employs roughly 1,200 employees between its Canadian and U.S. divisions.
“Black Press is dedicated to serving communities with the best hyperlocal journalism, available 24/7 and produced by passionate journalists living in those communities,” said Glenn Rogers, chief executive officer of Black Press. “With our strong financial position and the support of our new Canadian-controlled ownership group, Black Press readers and advertisers can count on us to continue delivering the quality journalism and advertising solutions that we are known for.”
Carpenter Media Group, formerly Carpenter Newsmedia, operates leading community news publications in southern United States, including Texas, Louisiana, Mississippi, North Carolina, Tennessee, Georgia, Virginia and Kentucky.
Carpenter publishes titles such as the Bowling Green Daily News in Kentucky and the Port Arthur News in Texas.
“Canso, Deans Knight and Carpenter resolutely support the vital role that effective journalists, newspapers and digital news organizations play in thriving communities, and we are committed to ensuring our publications continue to play that essential part in the communities we serve,” Todd Carpenter, chairman of Carpenter Media Group, said on behalf of the new owners.
Black Press Media was founded in 1975. Today, its print audience reaches more than 4.5 million readers across Canada and the U.S., and publishes 150 daily and weekly newspapers, magazines and websites. Readership across the network exceeds 19 million users per month.
