BUSINESS

Quebecor Media pays $97.9 million to buy additional shares in TVA Group

03/20/2015 10:08 EDT | Updated 05/20/2015 05:59 EDT
MONTREAL - Quebecor Media has increased its stake in TVA Group Inc. (TSX:TVA) and now holds a majority of the non-voting shares in Quebec's largest private-sector French language television network in addition to its class A voting shares.

The media company said Friday it paid $97.9 million to buy an additional 17.3 million TVA class B shares, raising its total to 25.2 million or 64.9 per cent of the class, from 40.7 per cent.

Including its class A voting shares, Quebecor Media now owns 68.4 per cent of TVA's total equity.

Over the past year, Quebecor has been focusing its holdings on its home province — abandoning the Sun TV specialty channel and agreeing to sell its English-language daily newspapers including the Sun tabloids to Postmedia.

Quebecor Media is the main subsidiary of Quebecor Inc. (TSX:QBR.B), which is controlled by Pierre Karl Peladeau — the perceived front-runner in the race to pick a new leader for the Parti Quebecois.

Peladeau relinquished his management positions at Quebecor prior to entering provincial politics.