Péladeau, nicknamed PKP by Quebec media, joins five other candidates vying for the PQ’s top job.
Péladeau announced his intention to run on Thursday at the University of Montreal, after much speculation and back-and-forth on whether he would take the leap.
The other candidates who have signed up to run are sitting MNAs Alexandre Cloutier, Bernard Drainville, Jean-François Lisée and Martine Ouellet, and labour rights activist Pierre Céré.
However, recent polls have put Péladeau far ahead of his opponents.
Also the majority shareholder of major media corporation Québecor, Péladeau has a number of notable PQ members on his side, including former premier Bernard Landry and 18 former PQ MNAs and ministers.
Péladeau said on Thursday that he wants to be a unifying leader and that his focus is on sovereignty for Quebec.
Leadership hopefuls have until Jan. 30 to toss their hats into the ring.
The PQ’s membership will vote for the new leader in May 2015.
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