OTTAWA — The Competition Bureau has approved Quebecor's sale of 74 weekly newspapers in Quebec to TC Media, a division of Transcontinental.
In exchange, the bureau ordered Transcontinental to sell 34 local newspapers to preserve "competition in the sale of advertising in community newspapers."
Transcontinental has accepted the ruling, clearing the way for the $75-million transaction with Quebecor, parent company of QMI Agency.
Competition Commissioner John Pecman said the bureau took the needs of local readers into account.
"The bureau understands that many communities are concerned and do not want to lose their local newspaper," he said in a statement. "As many newspapers are in financial distress owing to the ongoing transformation of the community newspaper industry, the bureau's consent agreement seeks to maintain competition in local markets through a sale process in regions where the parties strongly compete against one another."