Quebecor to snap up Osprey
EmptyTORONTO -- Quebec media giant Quebecor Media said Friday that it will double its newspaper holdings by buying the Osprey Media Income Fund for CAN$355.5 million ($322 million).
In the latest sign of Canadian industry consolidation, Quebecor has proposed adding Osprey Media's 54 titles, comprising 20 dailies and 34 nondaily newspapers, to a stable that already includes the Toronto Sun and Le Journal de Montreal.
"We believe that the addition of the assets of Osprey to our existing portfolio in the print media sector will make our organization better equipped to meet the challenges facing our industry," Quebecor Media CEO Pierre Karl Peladeau said in a statement.
In a separate deal, Montreal-based Quebecor, which runs Quebec cable giant Groupe Videotron and the TVA Quebec TV network, said it is taking its Nurun Web site development and online marketing arm private in a deal valued at CAN$63.4 million ($59.8 million).
The Quebec media company also proposed paying CAN$4.55 ($4.30) per share for the 42.2% stake in Nurun it does not already own, thus making it a wholly-owned subsidiary.