GRENIER SELLS ZOOM MEDIA INTEREST TO TELEMEDIA
By Adnews Staff
Carl Grenier, co-founder and president of Zoom Media, has sole his interest in the Montreal-based company to Telemedia. The deal makes Telemedia the sole owner of Zoom, which sells out-of-home advertising space in restaurants, bars, campuses, health clubs, and other locations. The financial details are not known. Grenier and Guy Fortin founded Zoom Media in 1991. They were joined by a third partner, Jean-Eudes Cote, in 1993. Two years later Telemedia acquired its first stake in the company. In 1999 Telemedia increased its ownership by purchasing the interest held by Cote. In 2000 Telemedia acquired the interest held by Fortin and became the majority shareholder. Grenier will be replaced as president, in the interim, by Telemedia co-owner François de Gaspé Beaubien.