Sun Media Sells 74 Quebec Weeklies for $75 Million to TC Transcontinental

By: Tamara Baluja | J-Source.ca

One day after announcing 200 layoffs, Sun Media has sold 74 Quebec dailies to Transcontinental for $75 million.

The deal, which is subject to approval from the Competition Bureau, was announced Thursday and will add approximately $20 million to TC Transcontinental's operating income before amortization. While the transaction is under review, Sun Media will continue publishing the weeklies and keep on the 600 staff working on the papers.