05/15/2014 04:28 EDT | Updated 07/15/2014 05:59 EDT

La Presse to cease printing newspapers

The paper version of the La Presse newspaper will soon disappear from newsstands, said the managers of the newspaper’s parent holding company Power Corporation.

André and Paul Desmarais confirmed on Thursday that La Presse would stop producing its daily paper edition and will go all-in on its online platforms, which include its very popular La Presse+ app.

They said their decision was based on a growing interest for La Presse+ as well as a perpetual decline in newspaper ad revenues. However, they did not reveal the date the newspaper would cease publication.

The La Presse+ app has been downloaded more than 490,000 times since 2013 and is reportedly responsible for 30 per cent of the media company’s revenues.

Power Corporation owns and manages La Presse through one of its holdings, Gesca. Gesca also owns fellow Quebec newspapers Le Soleil, La Tribune, Le Nouvelliste, Le Droit, La Voix de l’Est and Le Quotidien.

The Desmarais brothers recognized the move would mean redefining the missions of its other Quebec newspapers and would result in lost jobs, although they did not divulge any numbers.