Postmedia sells Calgary Herald building for $17.25M

Newspaper publisher Postmedia says it has sold the Calgary Herald building for $17.25 million to U-Haul Co.

The landmark brick building is in a prominent location just across the river from downtown, and is visible from the busy commuter routes of Memorial Drive and Deerfoot Trail.

Postmedia's announcement comes the same day as the company said it is moving a dozen of its Alberta community newspapers to digital-only formats and laying off workers.

Those moves were announced in an internal memo to staff Wednesday obtained by The Canadian Press that describes the measures as part of a transformation plan geared toward managing costs.