TELEMEDIA SELLS PUBLISHING DIVISION TO TRANSCONTINENTAL
By Adnews Staff
After reporting last week that Montreal-based Telemedia Communications Inc. was planning to sell its publishing division to a Canadian buyer, GTC Transcontinental Group Inc. also of Montreal announced on Friday it has bought the division. Transcontinental Publishing Inc., a subsidiary of GTC, acquired the assets of Telemedia Publishing which publishes 11 consumer magazines and television guides including TV Guide, Canadian Living, Homemaker's and Elle Quebec. Following the purchase, Transcontinental becomes the second largest publisher of specialty magazines and publications in Canada with 51 English and French titles. It was reported last week Telemedia was turning to a Canadian buyer for the division after an unsuccessful search for a foreign partner. Financial details of the deal were not disclosed but an article in the National Post said the price tag was between $100-million to $200-million. In addition to its publishing division, Telemedia owns Telemedia Radio Inc. which includes 76 radio stations across Canada. It is also the co-owner of Radiomedia which operates radio stations in Montreal and Quebec city. Louise Roy, president and CEO of Telemedia said the sale of the publishing division allows the company to focus on its radio broadcast business. The sale is expected to close by the end of March. PR for Transcontinental is handled by Temple Scott Associates Inc. of Toronto.