Quebecor’s TVA Group will pay $55.5 million cash to buy 15 magazines including Canadian Living and The Hockey News, and a majority stake in Elle Canada and Elle Quebec from Transcontinental.
The deal is subject to approval from competition authorities.
“Print media is facing growing competition from digital media and new technological platforms,” said Pierre Dion, president and CEO of Quebecor and Quebecor Media, in a release. “And bear in mind that the competition notably comes from increasingly powerful foreign players. In this landscape, print magazines, just like newspapers, need to be consolidated to ensure these traditional media survive and allow them to compete with digital media.”
