News Corp BC’s flagship tabloid will continue to run its full colour daily newspaper, which was set to close down on Tuesday, under a new lease deal.
The Sun and Suncorp will continue as the B.C. Sun newspaper and the Vancouver Sun will continue under a different arrangement, the paper said in a statement.
The company will continue with the day-to-day operation of the daily newspaper under a lease that expires on March 20, the statement said.
News Corp. said it expects to be able “to continue publishing daily news coverage of the province under its current ownership for as long as it needs.”
B.K. Johnson, the Sun’s editor-in-chief, told the Vancouver Observer on Tuesday that he’s optimistic the lease will continue.
“I don’t know if there’s anything that will change.
The lease has been there for a very long time,” he said.
The newspaper is one of News Corp.’s most profitable businesses.
The paper has been profitable since 2004, when it sold a $9 million stake in the company to a group of investors including Warren Buffett and Microsoft founder Bill Gates.
The deal with News Corp included the right to use the Sun logo on its masthead.
News Corporation owns the Vancouver Times, which it bought in 2002, as well as the Vancouver Post and the paper’s sister publications, the Province and the Province.
The Vancouver Sun has a circulation of more than 12 million.
The BC Liberal government is negotiating a new deal with the newspaper to keep it open.
The Globe and Mail, which also owns the Sun, has a daily circulation of about 5 million.
said the deal with BC Hydro would provide the company with an additional $600 million in annual revenue for three years.
It also said it would continue to provide information about the province’s energy grid and energy demand and supply to the newspaper.
The provincial government said it will pay for the electricity and heat generated by the Sun and BC Hydro’s power plants.