Tuesday, April 16, 2013

Caisse is selling back half its holdings to
Quebecor Media

Quebecor Media is buying back almost half of the share of its stock now held by the pension fund Caisse de dépôt et placement du Québec. The caisse's share will shrink from 45.% to 24/6%. 
“Our intention was to take advantage of the window of opportunity created by the favourable conditions on the debt markets to increase our interest in Quebecor Media,” said Pierre Karl Péladeau, chief executive officer of both Quebecor Inc. and Quebecor Media.
Quebecor Inc. owns about 54% of Quebecor Media, which in its most recent quarter had revenues of $254 million,  is one of the largest broadcasters in Quebec through TVA Group Inc. and TVA is the largest publisher of French-language magazines in Canada. Its other division, Sun Media, is the largest newspaper publisher in Canada, with 43 dailies and more than 250 community weeklies. 

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