La Presse to adopt non-for-profit structure
Montreal-based newspaper La Presse has announced its intention to adopt a not-for-profit structure that will result in Power Corporation relinquishing control of the company. Power will contribute $50 million to La Presse as part of the deal, and the paper will be put under the control of a social trust. Profit from operations, government assistance and donations will finance the newspaper. According to the company, the new structure is intended to be a "modern approach adapted to the realities of today's written media."
"I would like to thank Power Corporation and more specifically André Desmarais and his family for the untiring support they have shown towards La Presse and its employees over the past 50 years," said Pierre-Elliott Levasseur, president of La Presse. "I cannot help but acknowledge what the late Paul Desmarais senior has built. Today André Desmarais continues to show his family's high regard for our institution by associating himself, for a last time as owner, with the carefully considered choice of La Presse's management to adopt a non-profit structure, and by granting a major contribution of $50 million from Power Corporation."