Thursday, October 25, 2018

Globe reports that Rogers close to a deal on magazine sales

Susan Krashinsky Robertson and James Bradshaw report:
"Rogers Communications Inc. is closing in on a deal to sell almost all of its magazine business, according to multiple sources.
"The Toronto-based telecommunications and media company is negotiating to sell seven of its digital and print magazine titles − Maclean’s, Canadian Business, Today’s Parent, Hello! Canada, Flare and Chatelaine’s French and English editions − to a company owned by Graeme Roustan, the publisher of sports magazine The Hockey News, according to sources with knowledge of the discussions. The deal would also include Rogers’s custom-content group, which provides services to marketers, such as creating branded in-house magazines.
"MoneySense, which has been a digital-only publication since last year, is also for sale but is not part of the proposed deal, sources said. The Globe and Mail first reported in August that Rogers had put the titles on the block and had hired the investment-banking arm of Canadian Imperial Bank of Commerce to manage the sale. A deal with Mr. Roustan has not been finalized, however, and is said to require approval from the Rogers board. It is still possible that another bidder could emerge."

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