TELEMEDIA SEEKING HOME BUYER
By Adnews Staff
Telemedia Communications Inc. is planning to sell its publishing business to one of four Canadian buyers after an unsuccessful search for a foreign partner a report in the National Post said. Telemedia's 28-year -old publishing business includes magazine holdings TV Guide, Canadian Living and Elle Quebec. The article says the price tag for the publishing business is between $100-million to $200-million. Those interested in purchasing the business include Toronto-based Rogers Communications Inc. and St. Joseph Corp. Additional potential buyers include Montreal-based Readers Digest Canada Inc., GTC Transcontinental Group Inc., Quebecor Inc. and TVA Group Inc. Francois de Gaspe Beaubien, president of Telemedia's publishing division said no deal is imminent. He is quoted as saying "there is nothing material. Until a deal is written and signed nothing is final." Although Telemedia is looking to sell the publishing business to a Canadian buyer, its is still hoping to find a foreign partner, de Gaspe Beaubien said.