The company headed by National Post chief executive Paul Godfrey that is buying the Canwest newspapers will be called Postmedia Network Inc.
The new company will hold some of Canada’s largest daily newspapers including the National Post, Vancouver Sun, Calgary Herald and Ottawa Citizen.
“Postmedia Network reflects both where we have been and where we are going,” Godfrey said in a statement released Friday.
“From the earliest days of information delivery via post, to the current online world of posting news and information as it happens and looking ahead to the continuous evolution of a post-media universe, our new name reflects both the strong legacy and the exciting future of media as we prepare to emerge as a new Canadian business.”
Last month, an Ontario Superior Court judge gave the green light for Canwest Global Communications Corp. to sell its newspaper division to a group of its creditors led by Godfrey.
Under the arrangement, the group will acquire the newspapers for $1.1 billion, including $950 million in cash. The deal is expected to provide enough cash to pay off the company’s banks, which were owed about $925 million.
The company has said it hopes to complete the transaction by July 14, and then emerge as a new publicly traded company on the stock market.
