5 December 2013
Transcontinental buys 74 Sun Media papers
MONTREAL—TC Transcontinental, by way of its TC Media division, has signed to acquire Sun Media's 74 community papers in Quebec.

As part of the transaction, TC Transcontinental also inked a deal to print a number of products produced by Sun Media's parent company, Quebecor Media, including several magazines and direct marketing materials. That comes into effect on February 1, 2014.

The news follows Sun Media's release of 200 employees in early December. In July, the company shuttered 11 publications across Canada, cutting 360 jobs.

The transaction is valued at $75 million and includes the papers' associated web properties. It has the support of the board of directors of both companies and is now subject to regulatory approval. Sun Media will continue to publish the papers in the interim.

"Acquiring Sun Media's 74 community papers in Quebec is in line with our strategy to strengthen the core assets of TC Media and develop a local digital media offering for businesses and communities," said François Olivier, president and chief executive officer of TC Transcontinental. The transaction will add upwards of $20-million to the company's operating income before amortization.

"The digital revolution has completely transformed the local print media market in recent years. Clients can now place their ads on a multitude of platforms that did not exist just over a decade ago," said Robert Dépatie, president and chief executive officer of Quebecor Media.

In other recent developments, TC Transcontinental Printing signed to print Postmedia Network's Vancouver Sun and Calgary Herald papers. The company is the largest printer in Canada according to Graphic Monthly Canada's 2013 Gold List, and reported $2.1 billion in revenues for the fiscal year of 2013.
1. Printer says:
7 December 2013 at 3:45 PM
Every time they release financial results it's the same thing. Strong performance in the printing devision brought down by the results in the media sector. Yet they continue to pour money into media while others are getting out. They are either smarter than everyone else or they don't want to admit previous mistakes and keep trying. Would make more sense to focus on what they are good at and what they make money doing. Printing may not be sexy but it does make money. Why not dump media and invest in packaging where the money is?
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