Postmedia Network has entered into an agreement to acquire Atlantic Canada’s largest media purveyor, Saltwire Network and The Halifax Chronicle Herald. Currently under creditor protection, Saltwire – which publishes nearly two dozen titles, including major daily newspapers in Halifax, NS, Charlottetown, PEI, and St. John’s, NL – has been driven to insolvency by its main creditor, Fiera Private Debt Fund, with a debt load of more than $94 million. Postmedia says the acquisition aligns with its commitment to preserving local journalism. Read more here.
Narcity Media CEO Chuck Lapointe has killed a planned equity crowdfunding campaign pre-launch and refunded early investors. In a post to LinkedIn this week, Lapointe said the number of actual investors turned out to be substantially less than the 30% it gauged would come on board when it launched its community round at the end of May. While gathering more than $3.5M in expressed interest, Lapointe said most never translated to actual investors and “the amount raised would’ve not been significant enough for a meaningful return.” Lapointe wrote that his belief in “the potential of community ownership” is intact and the digital publication will “definitely try again in a year or two when our new models/brands have proven out.”
The Canada Media Fund (CMF) is renewing its Digital Creators Pilot Program (DCPP) for a second year. The program supports the growth trajectory of mid-career Canadian digital content creators making short-form video content exclusively on YouTube, Instagram, TikTok, and Facebook. Potential applicants to the program are encouraged to read the 2024-2025 DCPP Program Guidelines and contact the CMF Program Administrator with questions as they prepare their applications. Applications will be accepted, starting Sept. 3.
