Postmedia Sells Calgary Herald Building As Papers Move To Digital Format

Newspaper publisher Postmedia (PNC.A) has sold the building that housed the Calgary Herald newspaper to U-Haul Co. for $17.25 million.

Postmedia announced the sale on the same day that the company said it is moving a dozen of its Alberta community newspapers to digital-only formats and laying off staff.

Additionally, Postmedia founder Paul Godfrey is stepping down as chair of the company’s board of directors.

In a memo to staff, Toronto-based Postmedia said the changes are being undertaken to manage costs.

Postmedia publications moving to digital formats will make the switch on February 27 of this year.

The names of the newspapers going digital and the number of layoffs have not been disclosed by Postmedia.

Postmedia also said it is moving its Saskatchewan printing to Estevan Printing going forward, and that Saskatchewan-based employees will work remotely on a permanent basis.

Postmedia’s stock is flat over the last year at $1.70 per share.

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