09:43 AM EDT, 07/26/2024 (MT Newswires) -- Postmedia Network Canada (PNC-A.TO, PNC-B.TO) on Friday said it has acquired certain businesses and assets of Saltwire Network and The Halifax Herald Limited - Atlantic Canada's largest media company - which is currently under Companies' Creditors Arrangement Act (CCAA) protection.

Financial details of the transaction weren't disclosed.

"Postmedia intends to provide the necessary back office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities," Andrew MacLeod, president and Chief Executive of Postmedia, said in a statement.

The acquisition is crucial for the long-term sustainability of an important regional network that faces an uncertain future without intervention, Postmedia said.

"Saltwire filed for CCAA protection after years of financial difficulties, underscoring that its current operational model is unsustainable," MacLeod said. "In order to save critical journalism jobs, we will need the support of the relevant unions to help construct a viable business model."