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President and CEO Paul Godfrey makes an announcement that Postmedia has received a no-action letter from the Competition Bureau of Canada to acquire Sun Media Corporation in Toronto, Wednesday March 25, 2015.

Canadian businessman and veteran media head Paul Godfrey plans to lead Postmedia Network Canada Corp. for three more years.

The company says the 76-year-old president and CEO has renewed his contract with the multimedia news outlet until December, 2018.

Godfrey has held the top position at Postmedia since it was founded in July, 2010, from the newspaper assets of the former CanWest Global Communications Corp.

The publisher of the National Post, as well as other newspapers and digital content, has been trying to turn around its money-losing operations as more advertisers shift away from traditional print publications to social media sites and search engines.

Throughout his career, Godfrey has worked in various media arenas, including as the former head of the Toronto Blue Jays and leader of the Sun Media newspapers in the 1990s, which were recently acquired by Postmedia.

He also served as the chairman of the Ontario Lottery and Gaming Corp. and is a well-known Progressive Conservative supporter.

Postmedia chairman Rod Philips said the extension of Godfrey's contract "provides important continuity for the vision and leadership of the company."