TORONTO – The Wall Street Journal is reporting that Postmedia’s largest shareholder is looking for buyers of its stake in the media organization.
GoldenTree Asset Management LP, which specializes in corporate and structured debt, owns 52.36 per cent of Postmedia’s variable voting shares and a portion of its debt, according to the company’s most recent management information circular.
The Journal reports that GoldenTree informed Postmedia’s board in February of its desire to sell that stake. Canaccord Genuity Group Inc. has been hired to help GoldenTree find buyers.
A Postmedia spokeswoman said the company had no comment.
GoldenTree also declined to comment and Canaccord did not immediately return requests for comment.
Postmedia says it’s aiming to reduce costs by $80 million by the middle of next year.