414 replies to this topic

[Victoria Watcher]

I think the Captain made a mistake upgrading that fire. He should have directed firefighters to just put it out.

[Victoria Watcher]

Black Press sale would increase American ownership of Canada’s news media

Canadian law supposedly limits foreign ownership of newspapers to 25%


Yet another Canadian community newspaper chain is going to court under our bankruptcy laws, but again it has nothing to do with it going out of business. This time it is more a legal power play to force its sale to largely American interests over the objections of its minority owner. Surrey, BC-based Black Press, which owns 82 newspapers in BC and Alberta plus 55 in Washington, Alaska and Hawai’i, has arranged its sale to a consortium which includes two of its Canadian lenders and the Carpenter Media Group of Tuscaloosa, Alabama. If a petition filed in BC Supreme Court is granted, it could be sold for $14 million to a 50/50 partnership between the US group, which would pay $7 million, and the company’s lenders, which would pay another $1 million in addition to $6 million of what they are owed in a so-called “credit bid.”

https://canadiandime...adas-news-media

Edited by Victoria Watcher, 18 January 2024 - 12:24 PM.

[Nparker]

Maybe there would be greater scrutiny of our governments if more Canadian media was foreign owned. I can only see this as a positive.

[Victoria Watcher]

Only three new news stories over at VicNews since Friday. I wonder if they have begun cutting back.

[Victoria Watcher]

Objection!: Why the US government may block sale of BC newspaper chain

US feds want to stop BC-based Black press from walking away from US pension debts

https://fvcurrent.co...-honolulu-akron

Edited by Victoria Watcher, 15 February 2024 - 07:50 AM.

[Mike K.]

Wowzers, that’s white the read.

[Nparker]

Wowzers, that’s white the read.

And during Black History Month no less. 😉

[Victoria Watcher]

The largest roadblock obstructing the sale of troubled local newspaper chain Black Press has been resolved—but not before the astonishing revelation that the beleaguered company paid a six-figure ransom in January to get its computer servers back from a group of international cybercriminals.

 

This week, the Canadian newspaper company announced it had struck a $2 million deal with an American federal agency to resolve $45 million in outstanding pension obligations and clear the way for its sale.

 

The company’s legal filings also revealed that just days before it filed for creditor protection, Black Press’s Hawaii subsidiary was hacked by cyber criminals. Two weeks later, after the loss of hundreds of thousands of dollars, the chain paid the extorters a six-figure ransom sum to unlock its servers.

 

 

https://fvcurrent.co...ss-hackers-deal

 

 

 

On Jan. 10, just days before Black Press filed for bankruptcy, servers used by its Hawaii subsidiary were encrypted by the Akira Ransomware Group.

 

The servers compromised Black Press’s ability to issue invoices to advertisers and subscribers, costing it about $200,000 each day in desperately needed cashflow.

 

Akira demanded $4 million in US dollars to go away. Meanwhile, Black Press called in the FBI; the US Department of Homeland Security also “became involved,” according to the filings.

 

Black Press also hired a cyber security company to help with the incident. Eventually, the $4 million ransom was negotiated down to $150,000. Two weeks after the criminals had seized Black Press Hawaii’s servers, the company—on the advice of its consultant and with the approval of its creditor protection monitors—paid the ransom to Akira in bitcoin through a platform that “provides cryptocurrency ransomware settlement services.”

 

Investigations also revealed that the same vulnerabilities that allowed Akira to seize the servers existed elsewhere in the company’s information systems. The full cost of the incident is now estimated to be between US$300,000 and US$750,000

Edited by Victoria Watcher, 07 March 2024 - 06:21 AM.

[dasmo]

That’s nothing. That’s 75 deer? They got off easy.

[Victoria Watcher]

Vicnews paywall seems to be inactive. Last few days.

[Matt R.]

Good riddance.

[Victoria Watcher]

Black Press Ltd, the chain of newsrooms that bought Yellowknife-based NNSL three years ago, is on the verge of completing a sale to a consortium including a US-based company.

 

 

Black Press went into creditor protection in January. The company, which employs 1,200 people across Canada and the US, has been posting losses of more than a million dollars a week.

 

In the NWT, NNSL publishes newspapers focused on Yellowknife, Hay River and Inuvik as well as a weekly territory-wide edition. Most of its staff in the NWT are based in Yellowknife. NNSL was privately owned until Black Press took over in 2021.

 

Since entering creditor protection, Black Press has been working toward a sale to a so-called stalking horse – a bidder whose offer is considered the minimum acceptable bid, in the hope of generating other proposals.

 

Court documents filed this week show nobody else came forward, despite more than 70 different prospective buyers being contacted.

 

 

 

https://cabinradio.c...s-cyber-ransom/

Edited by Victoria Watcher, 10 March 2024 - 10:45 AM.

[Victoria Watcher]

Black Press Media concludes transition of ownership

 

 

https://www.theprogr...nership-7333705

 

 

Hyperlocal news network Black Press Media completed its sale Monday (March 25), following the formerly announced corporate restructuring.

 

The sale comes as the company wraps up its creditor protection process in the B.C. Supreme Court and its related U.S. proceedings.

 

____________________________

 

Black Press Media intends to continue serving as the go-to source for local news – online and in print – by operating its 80-plus local news publications and various customer solutions services within Canada. The media company employs roughly 1,200 employees between its Canadian and U.S. divisions.

 

“Black Press is dedicated to serving communities with the best hyperlocal journalism, available 24/7 and produced by passionate journalists living in those communities,” said Glenn Rogers, chief executive officer of Black Press. “With our strong financial position and the support of our new Canadian-controlled ownership group, Black Press readers and advertisers can count on us to continue delivering the quality journalism and advertising solutions that we are known for.”

 

____________________________

 

Black Press Media was founded in 1975. Today, its print audience reaches more than 4.5 million readers across Canada and the U.S., and publishes 150 daily and weekly newspapers, magazines and websites. Readership across the network exceeds 19 million users per month.

Edited by Victoria Watcher, 25 March 2024 - 01:57 PM.

[Victoria Watcher]

[Victoria Watcher]

Western Canada’s 1st arctic navy ship sails into Greater Victoria waters

 

The Max Bernays is the 1st ship to be commissioned to the Pacific fleet in 25 years

 

On April 15, His Majesty’s Canadian Ship (HMCS) Max Bernays, is the first Harry DeWolf-class Arctic Offshore Patrol Vessel to be transferred to Canada’s Pacific Fleet, and the first ship to be commissioned to the West Coast since 2015.

 

https://www.vicnews....-waters-7344173

 

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