TC Transcontinental Inc., through its TC Media operation, finalized its approximate $75 million agreement to acquire the 74 weekly newspapers of Sun Media in Quebec, as well as their related Web properties. Transcontinental now owns all the weekly newspapers acquired from Sun Media, which is controled by Quebecor through its Quebecor Media group.
After the deal was first announced in December 2013, Canada’s Competition Bureau set a requirement for Transcontinental to put 34 of the 154 newspapers in its portfolio up for sale for a period of 60 days, including some that are part of the transaction with Sun Media.
At the time of the acquisition announcement, Francois Olivier, President and CEO of Transcontinental, stated: “Acquiring Sun Media’s 74 community papers in Quebec is in line with our strategy to strengthen the core assets of TC Media and develop a local digital media offering for businesses and communities… This transaction will add approximately $20 million to TC Transcontinental's operating income before amortization.”
TC Transcontinental has more than 9,000 employees in Canada and the United States, generating revenues of $2.1 billion in 2013.