Canada's Transcontinental's Media Sector, TC Media, has sold its 30 publications, including 21 weeklies in the Montreal area, the Metro Montreal weekday newspaper, as well as eight publications in the Quebec City area to a Canadian corporation headed by Michael Raffoul, a Montreal-based businessman.
The transaction includes all web properties related to the titles sold as well as the Quebec Hebdo website. In total, 119 employees of the various publications and 20 employees from TC Media's Production team are transferred to the acquirer.
TC Transcontinental also concluded a multi-year agreement for the printing of all of the titles, as well as for the distribution, with the exception of Metro Montreal, which is already under contract with Raffoul's print media distribution company.
A year ago Transcontinental launched a sales process for its local newspapers in Québec and Ontario. "With the transaction announced today, only 5 of the 93 newspapers up for sale are left in the process and we continue to have discussions with potential buyers," said Francois Olivier, CEO of TC Transcontinental.
TC Transcontinental is Canada's largest printer and a supplier of flexible packaging in North America. The company has over 6,100 employees in Canada and the U.S.