Transcontinental sells consumer mags to TVA Group
The deal will see the company focus its efforts more on local advertising.
Transcontinental has announced it is selling its consumer magazines and their related digital properties to TVA Group for $55.5 million.
The deal, which is subject to approval from regulators including the Competition Bureau, also covers the printing of the titles by TC Transcontinental Printing and an extension of a contract with TVA Group to print some of its other publications until 2022.
François Olivier, president and CEO at Transcontinental, says his company has decided to focus its efforts on the local advertising market through its 180 newspapers in Quebec, Ontario, Saskatchewan and Alberta. Some of those titles were acquired from TVA Group parent company Quebecor in a deal last year that saw the company buy 74 of its titles.
Brands involved in today’s consumer magazine transaction include: Coup de pouce, Elle Québec, Décormag, Le Bel Âge Magazine, Magazine Véro, recettes.qc.ca, Canadian Living, Style at Home, Elle Canada, Good Times and The Hockey News. Western Living and Vancouver Magazine will remain owned by Transcontinental.
TVA Group says it expects earnings of between $10 and $14 million through the acquisition.