Rogers Communications Inc. is exiting the magazine business after a months-long search for a buyer ended with a deal to sell Maclean’s and six other titles to Toronto Life owner St. Joseph Communications, the Globe and Mail reports.
"The companies announced the agreement on Wednesday, saying the deal is expected to close next month. They did not disclose financial terms but said St. Joseph would offer employment to about 125 current Rogers Media publishing employees, " Christine Dobby and Susan Krashinsky Robertson report.
"The deal includes all seven of Rogers Communications Inc.’s consumer print and digital magazine brands: Maclean’s, Chatelaine (both English and French editions), Today’s Parent, Hello! Canada and the digital titles Flare and Canadian Business. It also includes the company’s custom-content business, which creates editorial-style material such as branded magazines for companies.
"Rogers earns more than 85 per cent of its revenue from its wireless, internet and cable TV operations and in recent years has shifted its media division to focus more on sports, which still draws live-TV viewers. It operates the Sportsnet broadcast properties, has a $5.2-billion, 12-year contract for National Hockey League broadcast rights and also owns the Toronto Blue Jays."