Osprey Media Group

Osprey Media

Osprey Media is a Canadian newspaper regional chain that publishes 20 daily newspapers, 34 non-daily newspapers, and a number of shopping guides and magazines. Formerly an independent income trust, it is now a subsidiary of Quebecor.

Osprey Media is by far the dominant newspaper publisher in Ontario outside of the province's largest metropolitan areas, owning the majority of local newspapers in Northern Ontario, and until recently buying out Southern Ontario papers as well. As of September 2006, Osprey Media's dailies had average daily paid and unpaid circulation / distribution of approximately 340,000 copies, while its non-daily newspapers had average weekly paid and unpaid circulation / distribution of approximately 466,000 copies.

After April 2004, the chain was a subsidiary of the Osprey Media Income Fund (OMIF). On May 31, 2007, it was announced that OMIF would be acquired by Quebecor Media Group for C$517 million. On June 27, 2007, a competing takeover offer from Black Press was also announced. On July 6, 2007 OMIF accepted a revised offer from Quebecor Media Group of C$575.8 million.

History

Osprey Media Group was created in 2001, when Michael Sifton, heir to the family that had once owned the Regina Leader-Post and the Saskatoon Star-Phoenix, purchased many of the Ontario newspapers that had been put on the market by Conrad Black's Hollinger newspaper group. As a newly incorporated media group, Osprey Media's purchase marked the first time in many years that a major newspaper sale significantly increased the diversity of newspaper ownership in Canada.

In April 2004, Osprey Media Group, motivated by tax breaks, became a subsidiary of Osprey Media Income Fund (OMIF), a unit trust. They changed their name to Osprey Media LP in January 2006 after receiving Canada Revenue Agency approval of their reorganization plans.

On May 31, 2007, it was announced that OMIF would be acquired by Quebecor Media Group for C$517 million. The announcement noted that Scotia Merchant Capital and the Ontario Teachers' Pension Plan had conditionally agreed to tender units in their control which amount to over 50% of the outstanding units. According to Editor & Publisher, the sale of OMIF was at least in part motivated by the pending loss of the tax advantages which had earlier led to the creation of the unit trust.

Office locations

Osprey Media has separated its operations into several different divisions in Ontario. The New Media Department, which develops and oversees Osprey Media's internet and technology related assets, is located in Sudbury. Osprey Media's main office is located in Markham.