Quebecor sells TQS shares to Cogeco, Bell Globemedia
Cogeco Inc and Bell Globemedia Inc have acquired the 86.02% stake that Quebecor Media Inc holds in the TQS network for $62 million. Under the deal, Quebecor will also be repaid $12 million that it advanced to TQS. Bell Globemedia is providing $74 million in cash to cement the deal. The agreement between Cogeco and Bell Globemedia involves not just the acquisition of Quebecor’s stake but also a regrouping of Cogeco’s six television stations with the TQS network. Cogeco will transfer its television stations and its current 13% ownership in TQS, valued at $104.4 million, to a joint venture with Bell Globemedia. Cogeco will own 60% of the joint venture and Bell Globemedia 40%. The transaction is subject to regulatory approval. The CRTC ordered Quebecor to sell off its stake in TQS by Sept. 21 as a condition of its approval of Quebecor’s takeover of TVA. More details: