The Globe and Mail is back, and it’s looking for a new co-owner.
On Tuesday, the paper announced that its board of directors has approved a plan to sell the company for $4.6 billion.
The deal, which includes the sale of The Globe & Mail and its three remaining newspapers, will include a $1.3 billion cash payment, the Globe said in a statement.
“The Globe has grown from a handful of ragtag writers and an occasional magazine to one of Canada’s most respected and respected media organisations,” CEO Jim Balsillie said in the statement.
“With the support of a diverse board, we are confident that we will be able to continue to deliver exceptional content and innovation for the next generation of readers.”
The sale of the paper comes as the Globe’s print circulation falls by more than a third, and the newspaper’s online business has been in free fall.
Last week, it announced that it was dropping its “most popular” section and that it would not be returning to its iconic “Top Stories” section in print.
The paper is expected to re-launch its “Top 10” section later this year.
The sale includes the purchase of the Globe Media Group, which publishes the Globe and has been under the management of founder and CEO Michael Harris.
The sale of Harris’ ownership stake in the company will include the sale, as well as his ownership of two other media companies: the Globe &tagroup and The Globe.
Harris is also the chairman of the board of the Toronto Stock Exchange.
Balsillies predecessor, Glenn Thibeault, announced in 2015 that the Globe was about to close its doors and announced that he was stepping down from the board.
The Globe was owned by Harris for 22 years before he took over the reins in the wake of his father’s death in 2016.
Batshankar Jha, who previously served as president of the group, will be the interim chief executive of the company.
The purchase price of the deal will be announced at a later date.
Harris, whose father was a former president of Toronto’s Eaton Centre, and his brother Richard have been friends for many years.
In addition to The Globe, Harris owns the Sun Media Group and The Canadian Broadcast Group.