As political bombshells go, Mr. Péladeau’s announcement on Sunday that he will be a PQ candidate in the April 7 Quebec election is on par with Lucien Bouchard’s 1990 decision to quit Brian Mulroney’s government and go on to head the separatist Bloc Québécois, or Lester Pearson’s 1965 recruitment of three prominent Quebeckers—including Pierre Trudeau—to boost federalist fortunes in the province. It will certainly change Quebec. It could just as easily change Canada.
Pierre Karl Péladeau will step down as CEO of Quebecor Inc., and will be replaced by the head of the company’s cable division in an unexpected corporate shakeup at one of the country’s largest telecommunications and media companies.
Péladeau will continue to oversee the media operations as chairman of Quebecor Media and television service TVA. He will also be named vice-chairman of the board at Quebecor Inc., with Francoise Bertrand remaining as chairman.
The changes will be implemented at the company’s annual general meeting in May.
As affairs go, one would be hard-pressed to top the $1 billion deal in 2010 that enabled Quad/Graphics to acquire Worldcolor. At face value, the transaction takes on the appearance of a snake swallowing a much bigger prey.
The final order approving the plan of arrangement under the Canada Business Corporations Act was granted in the Québec Superior Court (Commercial Division).
The deal remains subject to the approval of the Québec Superior Court and other customary closing conditions.
Worldcolor has chosen a Kodak Prosper 5000XL inkjet web press with an integrated Muller Martini Sigmaline in-line finishing system for its operations in Dubuque, IA.
It generated revenues of $692 million, compared to $752 million, and reported a net loss of $29 million, compared to a loss of $126 million, in the first quarter of 2009.
Brown Printing announced that it has reached a five-year agreement with Hearst Magazines to produce and distribute five of the publisher's magazine titles: Food Network Magazine Esquire, Marie Claire, Popular Mechanics and Town&Country.
The transaction remains subject to completion of approval under the Investment Canada Act, as well as to the satisfaction of other closing conditions.
The four titles—Cosmopolitan, Country Living, Redbook and Seventeen—combined involve the printing of more than 100 million copies each year.