The firm bought Annex, which publishes newspapers in the southwestern Ontario region of Canada, 15 years ago when it was under previous management.
Goodhead group managing director John Cooling said: They thought it was a good idea to buy shoppers they were wrong.
The deal is for an undisclosed sum.
The weekly turnover of the newspapers is around 300,000 copies. Goodhead has also sold its interest in Annexs magazine and fine art printing operations to local management. Goodhead did not report Annexs turnover within its results as it was an associate company.
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