Partial Repurchase of the Caisse de depot's Interest in Quebecor Media
Renewed confidence in the future of Quebecor Media
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 10/03/12 -- Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B), Quebecor Media Inc. and the Caisse de depot et placement du Quebec announced today the completion of a $1.5 billion transaction, decreasing the Caisse's interest in Quebecor Media from 45.3% to 24.6%.
"Our intention was to take advantage of the window of opportunity created by the favourable conditions on the debt markets to increase our interest in Quebecor Media. We believe in the company's future. Repurchasing a portion of the Caisse's investment, while we continue our partnership, will allow us to benefit from the company's expected growth over the next few years," said Pierre Karl Peladeau, President and Chief Executive Officer of Quebecor, Quebecor Media and Sun Media Corporation.
"We are convinced of Quebecor Media's potential to create value. For this reason, we are retaining a substantial stake in the company. In our view, the conditions are right to rebalance our portfolio by divesting a part of the major position we held in the media and telecom sector," said Michael Sabia, President and Chief Executive Officer of the Caisse.
By implementing its corporate strategy, Quebecor Media has more than tripled its operating income since the transaction, reaching more than $1.3 billion in 2011. This sustained growth has enabled Quebecor Media to pay substantial dividends to its shareholders, including a total of $324 million to the Caisse, since 2003.
Transaction highlights
Quebecor Media: A key player in the Quebec economy
Quebecor Media is today one of Quebec's top five private employers. It has over 12,000 employees in Quebec and an annual payroll in excess of $600 million. At Videotron specifically, more than 4,450 jobs were created in leading-edge sectors since the acquisition, in addition to some 2,500 jobs with the outsourcers and consultants who work directly for the company.
Videotron also invested more than $1 billion in developing a wireless telephone infrastructure, which increased competitiveness and lowered prices in this sector. This is in addition to the substantial improvement in Videotron's customer service, increase in the supply of information resulting from the launch of several newspapers, the promotion of Quebec's television and musical heritage, and an annual philanthropic contribution of close to $30 million benefiting approximately 400 organizations.
Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements and are subject to significant known and unknown risks, uncertainties and assumptions which could cause Quebecor's actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements may be identified by the use of the conditional or by forward-looking terminology such as the terms "plans," "expects," "may," "anticipates," "intends," "estimates," "projects," "seeks," "believes" or similar terms, variations of such terms or the negative of such terms. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for Quebecor's products and pricing actions by competitors), insurance risk, risks associated with capital investment (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with labour agreements, risks associated with commodities and energy prices (including fluctuations in the cost and availability of raw materials), credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks associated with government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause Quebecor's actual results to differ from current expectations, please refer to Quebecor's public filings available at less than than and less than than including, in particular, the "Risks and Uncertainties" section in Quebecor's Management Discussion and Analysis for the year ended December 31, 2011, and the "Item 3. Key Information - Risk Factors" as well as statements located elsewhere in Quebecor Media's annual report on Form 20-F for the year ended December 31, 2011.
The forward-looking statements in this press release reflect Quebecor's expectations as at October 3, 2012, and are subject to change after that date. Quebecor expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About Quebecor Inc. and Quebecor Media Inc.
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a holding company with a 54.7% interest in Quebecor Media Inc., one of Canada's largest media groups, with more than 16,000 employees. Quebecor Media Inc., through its subsidiary Videotron Ltd., is an integrated communications company engaged in cable television, interactive multimedia development, Internet access services, cable telephone services and mobile telephone services. Through Sun Media Corporation, Quebecor Media Inc. is the largest publisher of newspapers in Canada. It also operates Canoe.ca and its network of English and French language Internet properties in Canada. In the broadcasting sector, Quebecor Media Inc. operates, through TVA Group Inc., the number one French language general interest television network in Quebec, a number of specialty channels and the SUN News English language channel. Another subsidiary of Quebecor Media Inc., Nurun Inc., is a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia. Quebecor Media Inc. is also active in magazine publishing (TVA Publishing Inc.), book publishing and distribution (Sogides Group Inc. and CEC Publishing Inc.), the production, distribution and retailing of cultural products (Archambault Group Inc. and TVA Films), video game development (BlooBuzz Studios, L.P.), DVD, Blu-ray disc and videogame rental and retailing (Le SuperClub Videotron Ltd), the printing and distribution of regional newspapers and flyers (Quebecor Media Printing Inc. and Quebecor Media Network Inc.), news content production and distribution (QMI Agency), multiplatform advertising solutions (QMI Sales) and the publishing of printed and online directories, through Quebecor MediaPages™.
About the Caisse de depot et placement du Quebec
The Caisse de depot et placement du Quebec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2011, it held $159 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: .
Contacts:
Quebecor Media
Martin Tremblay
Vice-President, Public Affairs
514.380.1985
Caisse de depot et placement du Quebec
Maxime Chagnon
Senior Director, Media Relations
514.847.5493
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Datum: 03.10.2012 - 04:25 Uhr
Sprache: Deutsch
News-ID 1156765
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