TC Transcontinental has begun a process for the sale of TC Media’s newspapers in Quebec and Ontario that will span several months, and involve 93 local and regional publications and their related web properties, including the Métro Montreal newspaper. Beginning immediately, potential buyers may express their interest to participate in the sale process. This process excludes, among others, the following – TC Media’s specialty brands for the business, financial and construction sectors, its educational book publishing activities, and its distribution activities operated through Publisac and Targeo in the Printing Division.
“In light of TC Transcontinental’s business transformation strategy – already underway with steps including the sale of our media assets in Saskatchewan in 2016 and of our media properties in Atlantic Canada – we also undertook a strategic review of our local newspaper publishing activities in Quebec and Ontario,” said François Olivier, President and Chief Executive Officer of TC Transcontinental. “As a result of this analysis conducted over the past few months, we’ve decided to put TC Media’s local and regional newspapers up for sale. We’re convinced that selling these assets to local players is the best course of action in order to contribute to the continued sustainability of local media and to foster greater connections with the advertisers and communities they serve. I would like to sincerely thank our employees for their professionalism, for the quality of their work day after day, and for their resilience in this context of transition.”
As a long-time publisher, printer and distributor of local and regional newspapers, TC Transcontinental added that it will remain engaged in the newspaper industry. It plans to conclude agreements with potential acquirers for the printing and distribution of the newspapers. It will also continue to be the publisher of newspapers that may remain unsold. The TC Media publications up for sale are grouped into 27 publication sub-portfolios. The sale process will be managed in collaboration with the mergers and acquisitions experts at Raymond Chabot Grant Thornton.