Calgary Herald building sold for $17.25M
Posted Jan 18, 2023 3:21 pm.
Last Updated Jan 18, 2023 5:42 pm.
Newspaper publisher and conglomerate Postmedia says the Calgary Herald building has been sold to U-Haul Co. for $17.25 million.
The iconic brick building is in a prominent location just across the Bow River from downtown, and it is visible from the busy commuter routes of Memorial Drive and Deerfoot Trail.
It has reportedly been on sale since 2018 after initially going on sale in 2014, going on the market for $20 million. The building was built in 1980 and is 344,843 square feet.
This comes as Postmedia announced that 12 Alberta newspapers are moving to digital-only formats, and say that will involve laying off workers.
The two moves were announced in an internal memo to staff Wednesday obtained by The Canadian Press, which described the measures as part of a transformation plan geared toward managing costs.
The memo says the plan will result in an unspecified number of roles being eliminated across Postmedia over the coming month as it works through vacancies and layoffs.
It adds that the Postmedia publications moving to digital formats will make the transition on Feb. 27, but did not name which newspapers will make the switch.
However, several newspapers made an announcement on their websites, including Grande Prairie Peace Country News, Airdrie Echo, Vermillion Standard, Cold Lake Sun, Drayton Valley Western Review, Hanna Herald, Pincher Creek Echo, Bow Valley Crag and Canyon, Whitecourt Star, Leduc County Market and the Cochrane Times.
Postmedia also used the memo to announce that it has entered into a limited partnership agreement with Glacier Media and will be moving all of its Saskatchewan printing to Estevan Printing.
The company says it will be putting its Saskatoon building up for sale and looking to sublease a Regina property, leaving Saskatchewan-based employees to adopt remote work permanently.
