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.