March 25, 2015 / 1:53 PM / 3 years ago

Canada's Competition Bureau approves Postmedia-Sun Media deal

TORONTO, March 25 (Reuters) - Canada’s competition watchdog on Wednesday approved Postmedia’s proposed acquisition of Sun Media’s English-language newspapers and digital assets, paving the way for Postmedia to control most of the major English-language dailies across Canada.

The C$316 million ($253 million) deal announced in October is set to transform the country’s newspaper landscape, making Postmedia the owner of competing major local dailies in cities such as Ottawa, Edmonton and Calgary.

The deal will bring some 175 newspapers and publications, including the Sun’s flagship assets - the Ottawa , Toronto, Winnipeg, Edmonton and Calgary Sun newspapers - as well as the London (Ontario) Free Press into the Postmedia fold.

Following an extensive five-month review of the deal, Canada’s Competition Bureau said the acquisition was unlikely to “substantially lessen or prevent competition.”

The Bureau said it has issued a No Action Letter confirming that it will not challenge the proposed transaction.

$1 = 1.2495 Canadian dollars Reporting by Euan Rocha; Editing by Tom Brown

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