Yellow Media sells classified website for $72.5 million

Yellow Media Inc. is selling its Quebec-based classified ad website LesPAC Inc. to Longueuil, Que. e-commerce firm Mediagrif Interactive Technologies Inc. for $72.5 million  as the directory publisher works to pay down its debt. “This acquisition of LesPAC represents a unique opportunity for Mediagrif to partner with one of Quebec’s most visited website,” Mediagrif CEO Claude […]

Yellow Media Inc. is selling its Quebec-based classified ad website LesPAC Inc. to Longueuil, Que. e-commerce firm Mediagrif Interactive Technologies Inc. for $72.5 million  as the directory publisher works to pay down its debt.

“This acquisition of LesPAC represents a unique opportunity for Mediagrif to partner with one of Quebec’s most visited website,” Mediagrif CEO Claude Roy said in a statement.

“This transaction will bring new opportunities given LesPAC’s strong brand and established online marketplace for consumers. In addition, we are pleased to partner with Yellow Media Inc. to deliver additional services to our users,” he said.

LesPAC.com is a leading classified website in Quebec, with 1.8 million unique monthly visitors.

“This divestiture enables us to focus on our core business through continued investments towards our digital transformation,” said Yellow media president and CEO Marc Tellier.

The company’s Mediative marketing division will continue to market and sell display advertisements on LesPAC.com.

Yellow Media said earlier this month that it has begun to focus on paying down its debt and transition to a purely digital company after posting a $2.8-billion loss in its latest quarter related to a writedown of almost the same amount to the value of its business.

The publisher of the Yellow Pages print and online directories logged a $2.9-billion writedown to the value of its business at the end of September.

The Montreal-based company reduced its debt by about $700 million in the quarter after it sold Trader Corp., home of AutoTrader magazine, to London-based private equity firm Apax Partners for $745 million.

Yellow Media has been struggling as it tries to reposition itself primarily as an internet company. Earlier this year, the company said it would stop paying dividends to improve its financial position.

Media Articles

30 Under 30 is back with a new name, new outlook

No more age limit! The New Establishment brings 30 Under 30 in a new direction, starting with media professionals.

As Prime Minister, Kellie Leitch would scrap CBC

Tory leadership hopefuls are outlining their views on national broadcaster's future

‘Your Morning’ embarks on first travel partnership

Sponsored giveaway supported by social posts directed at female-skewing audience

KitchenAid embraces social for breast cancer campaign

Annual charitable campaign taps influencers and the social web for the first time

Netflix debates contributions with Canadian Heritage

Netflix remains wary of regulation as some tout 'Anne' and 'Alias Grace' partnerships

Canadians warm up to social commerce

PayPal and Ipsos research shows "Shop Now" buttons are gaining traction

Online ad exchange AppNexus cuts off Breitbart

Popular online ad exchange bans site for violating hate speech policy

Robert Jenkyn is back at Media Experts

Former Microsoft and Globe and Mail exec returns to the agency world

2016 Media Innovation Awards: The complete winners list

All the winning agencies from media's biggest night out!