Deal reached for sale of former Cape Breton Post building
$2.25M sale remains subject to court approval
The building that used to house the Cape Breton Post is the latest asset to be disposed of in the bankruptcy of the SaltWire Network, Atlantic Canada's largest media company.
The newspaper building has been listed for sale for more than two years, with an asking price of $2.5 million.
Court documents filed in connection with the bankruptcy show that Coldwell Banker, the real estate company entrusted with selling the building, has found a buyer willing to purchase the property for $2.25 million.
The identity of that buyer has not been disclosed. The deal is subject to court approval and the case is scheduled to return to Nova Scotia Supreme Court in Halifax on Friday.
The Cape Breton Post continues to operate, but has been acquired by Postmedia Network, the Toronto-based media giant that bought the media assets of SaltWire.
Those include newspapers in Newfoundland and Labrador, Prince Edward Island and Nova Scotia.
As part of its takeover, Postmedia said the St. John's Telegram would offer a print edition just once a week instead of daily.
The other papers continue to publish, although not all employees kept their jobs in the restructuring.
ABOUT THE AUTHOR
