FP Newspapers Income Fund
TSX : FP.UN

FP Newspapers Income Fund

July 21, 2005 15:01 ET

FP Newspapers Income Fund Announces Acquisition of Winnipeg Specialty Publications

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 21, 2005) - FP Newspapers Income Fund (TSX:FP.UN), today announced the acquisition by Canstar Community News Limited of Winnipeg based Rosebud Publications Ltd. Canstar Community News Limited is a wholly owned subsidiary of FP Canadian Newspapers Limited Partnership. The Fund owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership.

Rosebud Publications Ltd. is the publisher of Uptown Magazine, a weekly entertainment newspaper serving Winnipeg, with a circulation of approximately 17,000 copies. A subsidiary of Rosebud is the publisher of The Prime Times newspaper, aimed at age-50 plus readers in Winnipeg and area, with a twice-monthly circulation of approximately 10,000 copies.

"These well regarded specialty publications will complement our existing community newspapers in Winnipeg, and allow our advertisers to target more defined demographic groups," said Ronald Stern, Chairman of FP Canadian Newspapers. "We look forward to welcoming the employees, advertisers and readers to the Canstar Community News group," added Rudy Redekop, President of FP Canadian Newspapers.

The acquired publications generate approximately $800,000 in revenue annually. Terms of the acquisition were not announced.

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as Canstar Community News Limited, the publisher of five community newspapers in the Winnipeg region. The Winnipeg Free Press newspaper publishes seven days a week, serving Winnipeg and Manitoba with an average seven-day circulation of approximately of 125,000. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 15,000. Canstar Community News publishes weekly with an average circulation of approximately 182,000. Based in Winnipeg, the businesses employ approximately 620 people in Winnipeg, Brandon and Thunder Bay. Further information can be found at www.fpnewspapers.com, and in the disclosure documents filed by FP Newspapers Income Fund with the securities regulatory authorities available at www.sedar.com.

Contact Information

  • FP Newspapers Income Fund
    Rudy Redekop
    President
    (204) 697-7356
    or
    FP Newspapers Income Fund
    Kevin Karr
    Vice President, Chief Financial Officer and Secretary
    (604) 646-3782
    (604) 681-8861 (FAX)
    www.fpnewspapers.com