Sale of Rogers magazines to publisher of The Hockey News falls apart

The Globe and Mail's Susan Krashinsky Robertson reports that a deal in the works for Rogers Communications Inc. to sell most of its magazines to the publisher of The Hockey News has fallen apart at the last minute.

Rogers is still seeking a buyer for the magazines, according to sources familiar with the process.

Rogers put eight print and digital titles on the block – Maclean’s, Canadian Business, MoneySense, Today’s Parent, Hello! Canada, Flare and Chatelaine’s French and English editions – along with its custom-content group, which produces marketing content such as in-house magazines for various companies.

Roustan Media Ltd., owned by Graeme Roustan, emerged as the lead bidder and entered exclusive negotiations with Rogers, sources with knowledge of the discussions say. Mr. Roustan purchased sports magazine The Hockey News from Quebecor Inc.’s Groupe TVA earlier this year. The deal that fell through with Rogers was for all the magazines for sale except MoneySense, sources say. (Hello! Canada, which is part of the sale, is a brand not owned by Rogers, but is published under an agreement with a Spanish publishing company.)

Rogers had scheduled a town hall meeting Tuesday afternoon to inform employees the company signed a deal to sell the seven titles to Mr. Roustan’s company. Late last week, however, Rogers requested a delay in closing the sale, expressing a desire to examine other potential offers. Mr. Roustan withdrew from the process at that point, sources said.

It is not clear what other potential buyers there might be for the magazine assets, or whether another offer has come forward.

 

The full Globe and Mail story