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More conglomeration in Canada

Discussion in 'Journalism topics only' started by RedCanuck, Jun 1, 2007.

  1. RedCanuck

    RedCanuck Active Member

    Sorry if this is a D_B, but I haven't seen it on the journalism boards anyway. Quebecor, who probably was already one of the larger media companies in Canada is buying the large Osprey chain in Ontario. In this part of the country, anyway, that really only leaves two major players — Quebecor/Sun Media, and Torstar/Metroland.

    I'd guess this is probably going to mean fewer voices and more cuts yet again, but that's only one take. It'll be interesting to see how this all turns out. Here's a link...

    http://www.reuters.com/article/technology-media-telco-SP/idUSN0136745820070601

    "TORONTO, June 1 (Reuters) - Quebecor Media Inc. plans to buy Osprey Media Income Fund (OSP_u.TO: Quote, Profile, Research to become one of Canada's biggest newspaper publishers in a deal valued at C$355.5 million, the companies said late on Thursday.

    Quebecor Media, a wholly-owned subsidiary of Quebecor Inc., (QBRb.TO: Quote, Profile, Research will pay C$7.25 per unit of Osprey Media, or a 30.6 percent premium over the closing price of the units on March 5, when Osprey announced a strategic review. The deal has a total enterprise value of about C$516.9 million..."
     
  2. Canuck Pappy

    Canuck Pappy Member

    I could be affected by this.
    What happens when a company takes over another?
    From what we heard at the office not much will happen the next few months then there will be changes as things move around.
    Job losses will be inevitable (especially with Quebecor). But my boss said I should be OK because I am flexible, (worked desk, news and sports) and I am fairly young (cheaper).
    I figure worst case scenario I am laid off and take the small severance and go skiing for a year. :D
     
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