Transcontinental Inc. divesting media assets in Atlantic CanadaInternet, Picture Gallery Thursday, 13. April 2017
MONTREAL, QUEBEC — (Marketwired) — 04/13/17 — Transcontinental Inc. (TSX: TCL.A)(TSX: TCL.B) announced today the sale of its publication portfolio in Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick to SaltWire Network Inc., an important independent local media group which publishes the daily newspaper The Chronicle Herald, among others. This transaction is effective immediately and includes the sale of 28 brands and web-related properties, four printing plants operated within its Media Sector, commercial printing activities in the province of Newfoundland and Labrador as well as distribution activities in Atlantic Canada. TC Transcontinental remains the owner of the two plants operated within its printing division in this region, which are Transcontinental Halifax, located at 11 Ragged Lake Blvd. in Halifax, and Transcontinental Prince Edward Island, located at 169 Industrial Drive, in Borden-Carleton.
“SaltWire Network Inc. expressed an interest in acquiring our portfolio of titles in Atlantic Canada given how well their publications and digital products complement ours,” said Julia Kamula, Senior Vice President, Local Solutions, TC Media. “After careful consideration, we have decided to move forward with this transaction and divest of these assets. We feel this is the best decision for the continued sustainability of these operations, and that this transaction will help foster even stronger connections with the local communities that these publications serve at a time when all media are undergoing profound transformation. SaltWire Network Inc. has deep publishing roots in Atlantic Canada and we are confident that this organization is well-positioned to carry on the legacy of these brands. I would like to sincerely thank our employees for their hard work, dedication and professionalism, and wish them continued success.”
“We are pleased to have concluded this agreement with TC Media since it will strengthen our collective commitment to delivering essential news and content to the places we call home,” said Mark Lever, President and CEO of SaltWire Network Inc.
Approximately 650 TC Media employees in Atlantic Canada are part of the transaction and will receive an offer from SaltWire Network Inc.
Mr. Lever added: “We look forward to welcoming our new employees who will join the current SaltWire Network team, therefore bringing together 950 of Atlantic Canada–s best storytellers and media industry experts. Together, members of the SaltWire Network will challenge and reshape the media model and landscape in Atlantic Canada, putting our audiences first, ensuring the local angle is always prioritized and helping to connect the region in a meaningful way.”
The TC Media newspapers included in this transaction are:
The website (digital-only) is also included in the transaction.
The printing plants operated within the Media Sector, and that are now owned by SaltWire Network Inc., are:
About TC Transcontinental
Canada–s largest printer with operations in print, flexible packaging, publishing and digital media, TC Transcontinental–s mission is to create products and services that allow businesses to attract, reach and retain their target customers.
Respect, teamwork, performance and innovation are strong values held by the Corporation and its employees. The Corporation–s commitment to its stakeholders is to pursue its business and philanthropic activities in a responsible manner.
Transcontinental Inc. (TSX: TCL.A)(TSX: TCL.B), known as TC Transcontinental, has close to 8,000 employees in Canada and the United States, and revenues of C$2.0 billion in 2016. Website
Media: Nathalie St-Jean
Senior Advisor, Communications
Shirley Chenny, Advisor, Investor Relations