Transcontinental Inc. launches process for the sale of its local and regional newspapers in Quebec and Ontario
Montreal, April 18, 2017 – Transcontinental Inc. (TSX: TCL.A TCL.B) announces it is launching a process for the sale of TC Media’s newspapers in Quebec and Ontario. The sale process, which will span several months, involves 93 local and regional publications and their related web properties, including the Métro Montreal newspaper and the Cornwall Seaway News.
Beginning today, potential buyers may express their interest to participate in the sale process. This process excludes, among others, the following activities, to which the Corporation reiterates 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 Chief Executive Officer 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. I would like to sincerely thank our employees for their professionalism, for the quality of their work day after day and for their resilience in this context of transition.”
As a long-time publisher, printer and distributor of local and regional newspapers, TC Transcontinental will remain engaged in this industry. The Corporation plans to conclude agreements with potential acquirers for the printing and distribution of the newspapers. It will also continue to be the publisher of newspapers that may remain unsold.
The TC Media publications up for sale are grouped into 27 publication sub-portfolios. The sale process will be managed in collaboration with the mergers and acquisitions experts at Raymond Chabot Grant Thornton and potential buyers may contact Allison Dent ([email protected]) or Arnaud Vital ([email protected]). The list of all publications included in this process is available on www.tc.tc.
