Friday, November 26, 2010

Major publishers invest in Canadian Press

After 93 years as a co-operative, The Canadian Press is being transformed into a for-profit business under new owners. Torstar Corp., The Globe and Mail and Square Victoria Communications Group announced Friday they have invested in a new for-profit entity, Canadian Press Enterprises Inc., to take over the operations of the Canadian Press. Torstar publishes the Toronto Star. Square Victoria is the parent company of Gesca Ltée, which owns La Presse of Montreal. Terms of the deal were not disclosed. Each of the owners will be equal partners in the venture and has invested new working capital in the company. The change in the ownership structure will allow the company to cover its pension needs and take advantage of future business opportunities, Phillip Crawley, publisher of The Globe and Mail, told the Toronto Star.

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