Quebec Media Giant Restructures Money-Losing Assets
TORONTO - Fast-changing consumer trends has led Quebec media giant Quebecor Media to fold its struggling Sun Media newspaper division in with TV and digital assets as part of a new media group.
Sun Media CEO Julie Tremblay will head up the so-called Media Group, which includes the TVA broadcast network, Sun Media, digital producer QMI Agency, and out-of-home, advertising and printing businesses.
Tremblay also becomes president and CEO of TVA Group, Quebec's largest private TV network.
"Consumers' media habits have continued to evolve in recent years," Pierre Dion, Quebecor president and CEO, said in a statement Thursday about shifting tectonic plates in the Canadian media market.
"The creation of Media Group maximizes the division's strengths and combines our skills to provide better, more diverse and distinctive content," Dion added.
The restructuring at Quebecor Media comes as parent Quebecor on Thursday said it shrunk its second quarter losses on virtually unchanged overall revenues.
Quebecor posted a loss of $74.8 million for the three months to June 30, down from a loss of $104.4 million in the same period of 2013.
Overall revenues were flat at $1.069 billion.