Transcontinental sells specialty publications; buyers include founder’s son
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Hey there, time traveller!
This article was published 19/09/2019 (2516 days ago), so information in it may no longer be current.
MONTREAL – Transcontinental Inc. says the son of its founder will acquire Benefits Canada, Les Affaires and several other specialty publications while a second buyer will acquire Investment Executive, Advisor’s Edge and two other publications.
The Montreal-based company said most of the employees in the divested businesses will be retained by the new owners but that about 20 people will have their employment terminated.
It didn’t disclose financial terms of the sales agreements, but said they are part of Transcontinental’s ongoing shift away from publishing.
Benefits Canada, Canadian Investment Review, Les Affaires and other business units are going to Contex Group Inc., an event planning and media company headed by Pierre Marcoux, son of Transcontinental founder Remi Marcoux.
Pierre Marcoux, who began working for Transcontinental in 2000 as a journalist, has held various management and executive roles — most recently president of TC Media, which included the specialty publications.
Investment Executive, Advisor’s Edge and two French-language titles will be acquired by Newcom Media Inc., a publishing and event planning company headed by Joe Glionna.
Transcontinental says it will continue to focus on its legacy printing business and its new flexible packaging business.
It will also continue to own a book publishing business under the leadership of Patrick Lutzy, president and general manager of TC Media Books.
This report by The Canadian Press was first published Sept. 19, 2019.
Companies in this story: (TSX:TCL.A, TSX:TCL.B)
This report by The Canadian Press was first published Sept. 19, 2019.
Companies in this story: (TSX:TCL.A, TSX:TCL.B)