Sale of Sun Media Corporation’s English-language Operations to Postmedia Closes
Quebecor announced today that it has closed the sale of Sun Media Corporation’s English-language businesses to Postmedia Network, announced on October 6, 2014, for a cash consideration of $305.5 million. The figure represents the purchase price of $316 million minus $10.5 million for customary adjustments and adjustments related to real estate properties sold by Sun Media Corporation prior to closing.
The Competition Bureau cleared the sale on March 25, 2015. The transaction includes more than 170 newspapers and publications, the Canoe portal in English Canada, part of the national sales team based in Toronto, and the Islington, Ontario printing plant.
Quebecor thanks all the employees who contributed to these publications and wishes them every success in the future.
Quebecor, a Canadian leader in telecommunications, news media, entertainment and culture, is one of the best-performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor’s subsidiaries and brands are differentiated by their high-quality, multiplatform, convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec. It holds a 75.36% interest in Quebecor Media, which employs nearly 14,000 people in Canada.
A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports people working with more than 400 organizations in the vital fields of culture, health, education, the environment and entrepreneurship.
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