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Transcontinental sells magazines to TVA Group
Transcontinental of Montreal has sold its collection of consumer magazines to TVA Group, also based in Montreal. The deal, valued at $55.5 million, includes Coup de pouce, Elle Québec, Décormag, Le Bel Âge Magazine, Magazine Véro, Recettes.qc.ca, Canadian Living, Style at Home, Elle Canada, Good Times and The Hockey News. The deal remains subject to regulatory approval. Transcontinental has also signed an agreement with TVA Group to print these magazines and their marketing products for seven years. The deal also extends existing contracts to print a number of TVA Group magazines until June 2022.
"Transcontinental has decided to now focus on the local advertising market, which offers us more business opportunities through our 180-odd newspapers in Quebec, Ontario, Saskatchewan and the Atlantic provinces," said François Olivier, president and CEO of Transcontinental. "This important phase in the evolution of the corporation also gives TC Media full latitude to further develop its digital and interactive marketing products for retailers, among others, and to advance the production and delivery of content in the fields of business and education."