New ownership by Canso, Deans Knight and Carpenter Media Group puts Black Press on solid and sustainable financial footing to continue publishing impactful local journalism
SURREY, BC, March 25, 2024 /PRNewswire/ – Black Press Ltd. and certain of its subsidiaries (collectively “Black Press” or the “Company”), today announced that it has completed the previously announced sale of the Company (the “Transaction”) to Canso Investment Counsel Ltd. (“Canso”), Deans Knight Capital Management Ltd. (“Deans Knight”) and Carpenter Media Group (“Carpenter” and, together with Canso and Deans Knight, the “Purchasers”) as part of the Company’s restructuring under the Companies’ Creditors Arrangement Act (“CCAA”).
As a result of the restructuring and sale, the Company has today emerged from its proceedings under the CCAA on solid and sustainable financial footing, enabling it to continue publishing impactful local journalism and providing outstanding advertising solutions.
The Purchasers bring additional expertise in successful management of local media, as well as the continued support of Deans Knight and Canso, large Canadian institutional investors with a long-term focus, a history of supporting Black Press and significant experience in the media sector. Under the terms of the transaction, the Company remains Canadian-controlled.
“With this transaction, Black Press is in a much stronger position to serve our valued Canadian and American readers, customers, employees, and communities over the long term,” said Glenn Rogers, chief executive officer of Black Press. “We thank our subscribers, advertisers and employees for their support throughout this process, and we look forward to continuing our mission of providing the best local coverage in all the markets where we operate.”
About Black PressBlack Press was founded in 1975 by David H. Black with the purchase of his first publication, The Williams Lake Tribune. Today, Black Press has a print reach of more than 4.5 million readers across Canada and the United States and publishes 150 daily and weekly newspapers, magazines, and websites. The combined online audience exceeds 19 million users per month.
With roots in some of the oldest, trusted newspapers in B.C., Alberta, Yukon, Northwest Territories and Nunavut, today Black Press offers award-winning journalism across Western Canada and beyond – both online and in print. This, paired with innovative opportunities to connect businesses with customers across the print, web and social sphere, has firmly established Black Press as Western Canada’s go-to source for relevant, trusted local news and advertising solutions.
Complementing its Canadian coverage are publications and local media platforms operated by Black Press’ Sound Publishing, with more than 30 titles and associated websites in Washington’s Puget Sound region and Alaska, and over 25 daily, weekly and other publications and websites in Hawaii operated by Oahu Publications.
Black Press employs approximately 1,200 people between the Canadian and U.S. divisions.
About Carpenter Media GroupCarpenter is a leading community media company with operations in Texas, Louisiana, Mississippi, Tennessee, Georgia, North Carolina, Virginia, and Kentucky. Todd Carpenter, of Natchez, MS, is Principal and Chairman and Tim Prince, of Mountain Brook, AL is its Chief Executive Officer. Carpenter is organized and driven to serve and develop communities through excellent local journalism, guiding the marketing and advertising strategies of its small and medium-size business customers, and developing its team members to grow personally and professionally.
About Canso Investment Counsel, LTDCanso provides portfolio management services to Canadian institutional and private investors, with total assets under management of over $40 billion. Founded in 1997, it is a private company that is owned by its investment professionals, who are dedicated to partnering with its stakeholders.
About Deans Knight Capital Management Ltd.Established in 1992, Deans Knight is an independent, employee-owned, asset management firm advising families, foundations and institutions. It is focused on providing clients with unique investment strategies, along with the highest level of customer service.
SOURCE Black Press Ltd.