Transcontinental has launched a process to sell all of its newspapers in Quebec and Ontario, which are controlled under the Montreal company’s TC Media operation. The sale process, which Transcontinental expects to span several months, involves 93 local and regional publications and their related web properties, including the Métro Montreal newspaper.
The move comes just days after Transcontinental sold its publication portfolio in Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick to SaltWire Network Inc. That the transaction included the sale of 28 brands and Web-related properties, as well as four printing plants. In June 2016, Transcontinental sold its publishing assets in the province of Saskatchewan in a transaction that includes the sale of its 13 local newspapers and associated Web properties to Star News Publishing.
The new process to sell all of its newspapers in Quebec and Ontario excludes, among others, the following activities, to which Transcontinental reiterated its commitment: TC Media's specialty brands for the business, financial and construction sectors, its educational book publishing activities as well as the distribution activities operated through Publisac and Targeo in the printing division.
“In light of TC Transcontinental's business transformation strategy, already underway with steps including the sale of our media assets in Saskatchewan in 2016 and of our media properties in Atlantic Canada last week, we also undertook a strategic review of our local newspaper publishing activities in Quebec and Ontario,” explains François Olivier, President and CEO of TC Transcontinental. “As a result of this analysis conducted over the past few months, we have decided to put TC Media’s local and regional newspapers up for sale. We are convinced that selling these assets to local players is the best course of action in order to contribute to the continued sustainability of local media and to foster greater connections with the advertisers and communities they serve.”
Transcontinental Moves to Sell Newspapers in Quebec and Ontario
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