MONTREAL — Quebecor has sold its 74 Quebec weekly Sun Media newspapers to TC Media, a division of Transcontinental, for $75 million.
The deal still needs to be approved by the Competition Bureau, which could still take several months.
"Acquiring Sun Media's 74 community papers in Quebec is in line with our strategy to strengthen the core assets of TC Media and develop a local digital media offering for businesses and communities," said Francois Olivier, president and CEO of TC Transcontinental.
Robert Depatie, president and CEO of Quebecor Media, said the new digital world of media has transformed print media in recent years, and that's affected advertising.
"Clients can now place their ads on a multitude of platforms that did not exist just over a decade ago," he said, adding: "We are delighted that with this transaction we are ensuring Quebec ownership of these papers for the future by selling them to another major Quebec company, TC Media."
Transcontinental Inc. has more than 9,000 employees in Canada and the United States, and revenues of $2.1 billion in 2013.