Montreal-based Transcontinental Media is closing the Halifax Daily News to put out a new free paper in the city instead.

The newspaper “will close immediately,” and the first edition of the free Metro paper will be published Thursday, the Canadian Press reported Monday.

Shutting down the Halifax Daily News will affect 92 of the newspaper's employees. Meanwhile, Transcontinental will continue to publish four local weekly newspapers and a real estate guide.

Continuing to run the paper was not economically viable, the company said, according to the Canadian Press.