BUSINESS
07/16/2018 07:36 EDT | Updated 07/16/2018 07:38 EDT

Montreal's La Presse Adopts Not-For-Profit Structure

Quebec fast-tracked a bill to repeal a provision of an act adopted in 1967 regarding La Presse's ownership.

La Presse publisher Guy Crevier, left, responds to a question as president Pierre-Elliott Levasseur looks on during a news conference Tuesday, May 8, 2018 in Montreal.
THE CANADIAN PRESS/Paul Chiasson
La Presse publisher Guy Crevier, left, responds to a question as president Pierre-Elliott Levasseur looks on during a news conference Tuesday, May 8, 2018 in Montreal.

Montreal-based La Presse news group says it has officially adopted a not-for-profit structure.

President Pierre-Elliott Levasseur announced on La Presse's website that the outlet is fully independent from the Power Corporation of Canada as of Saturday.

Going forward, Levasseur says the 130-year-old publication will operate as a "social trust" that will be administered by retired Supreme Court justice Louis LeBel.

The Canadian Press Images
A copy of French language newspaper La Presse's final print edition is shown in Montreal, Dec. 30, 2017.

La Presse first announced its intention to shift to a non-profit structure in May.

The Quebec government paved the way for the change last month by fast-tracking a bill to repeal a provision of an act adopted in 1967 regarding La Presse's ownership.

Power Corp., which owned La Presse through its subsidiary Square Victoria Communications Group, agreed to grant $50 million to the new venture.

The company also holds an investment in The Canadian Press as part of a joint agreement with Torstar and a subsidiary of the Globe and Mail.

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