COGECO AND BELL GLOBEMEDIA ACQUIRE TQS
By Adnews Staff
Cable operator Cogeco and media company Bell Globemedia are buying the TQS television network for approximately $74 million. The two firms will jointly acquire Quebecor's 86% of TQS. The two will create a joint venture that will group the TQS network with Cogeco Radio-Television Inc.'s six television stations in Sherbrooke, Trois-Rivières and Chicoutimi/Jonquière. Cogeco will contribute its six stations as well as its previous 13% interest in TQS to the joint venture for a total contribution of $104.4 million while Bell Globemedia will contribute $74 million in cash. Cogeco will hold 60% ownership in the joint venture while Bell Globemedia will hold the remaining 40%.
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