TORONTO (Reuters) - U.S. hedge fund Silver Point Capital LP has bought a 19 percent stake in Canadian newspaper company Postmedia Network Canada Corp (PNCa.TO), a regulatory filing showed.
Postmedia operates Canada’s largest chain of newspapers, including the flagship National Post, the Montreal Gazette, Ottawa Citizen and Vancouver Sun.
It has struggled to restructure to focus on digital products amid continuing operating losses as advertisers shy away from print titles in favor of online destinations.
In the filing dated October 10, Greenwich, Connecticut-based Silver Point said it had acquired almost 7.5 million of Postmedia’s Class B shares for investment purposes only and not with a view to influencing the control or direction of Postmedia.
Reporting by Alastair Sharp; Editing by Leslie Gevirtz