Transcontinental Inc. Divests Its Consumer Magazines in Transaction with TVA Group
MONTREAL—April 13, 2015—Transcontinental Inc. (TSX:TCL.A) (TSX:TCL.B) confirmed that the transaction to sell its consumer magazines and their websites, as well as related platforms, to TVA Group, as announced in a press release on Nov. 17, 2014, has been completed.
The brands involved in the transaction include, among others: Coup de pouce, Elle Quebec, Decormag, Le Bel Age, recettes.qc.ca, Canadian Living, Style at Home, Elle Canada, Good Times, The Hockey News, etc. However, Vancouver Magazine and Western Living in the TC Media portfolio continue to be owned by Transcontinental Inc.
With respect to the magazine VERO, Veronique Cloutier has decided to exercise her option to not approve the transfer of her contract. As a result, TC Media and Veronique Cloutier have agreed to terminate their agreement effective April 13, 2015. Therefore, the magazine's assets will not be transferred to TVA Group. The last issue of the magazine VERO published by TC Media is the summer 2015 issue, on newsstands since April 10, 2015.
"We are pleased with the completion of the transaction process," said Francois Olivier, president and CEO of TC Transcontinental. "We know that the new owner has acquired strong reputable products that are respected and loved by a very large audience, and we are proud of this. We wish to thank our 310 employees, people of great talent, who have contributed to promote these brands through their passion and dedication."
About TC Transcontinental
Canada's largest printer, with operations in print and digital media, publishing and flexible packaging, TC Transcontinental's mission is to create products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are strong values held by the Corporation and its commitment to all stakeholders is to pursue its business and philanthropic activities in a responsible manner. Transcontinental Inc. (TSX:TCL.A) (TSX:TCL.B), known as TC Transcontinental, has over 8,500 employees in Canada and the United States, and revenues of C$2.1 billion in 2014.
Source: TC Transcontinental.