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Quebecor pulls out of The Canadian Press

Quebecor pulls out of The Canadian Press

Quebecor Inc., one of Canada's biggest media companies, said Wednesday it is pulling out of The Canadian Press news cooperative next year.
The decision comes as The Canadian Press is undergoing a restructuring from a not-for-profit cooperative to a for-profit business that seeks investment from media companies and other investors.
Under the new structure, all of the newspapers currently in the 91-year-old cooperative would be considered clients, which would offer them more flexibility to choose which services they buy.
The Canadian Press supplies text, audio, photos and online video to hundreds of Canadian newspapers, radio and TV stations, online portals and a wide range of commercial customers. It is also the exclusive Canadian distributor of The Associated Press, the world's largest news service.
Quebecor owns the Toronto Sun daily newspaper and its equivalents in Ottawa, Calgary, Winnipeg and Edmonton, as well as Le Journal de Montreal and numerous other English-language and French-language publications as well as various Internet properties and TV stations.
Quebecor Media spokeswoman Isabelle Dessureault said the company plans to pursue its own news agency. Under its current agreement with the cooperative, the earliest Quebecor could withdraw from its membership in The Canadian Press is June 30, 2010.
Quebecor is the first major media group to exit The Canadian Press since Canwest Global Communications Corp., Canada's largest media company, left in 2007.
Newspaper revenue from Quebecor represents about five percent of Canadian Press revenue.
"It is significant but I don't think it's something that's going to end up crippling us," said Eric Morrison, the president of The Canadian Press.
Morrison said he expects the news service will continue to do some business with Quebecor once The Canadian Press restructures by the spring of 2010.
The news service's reliance on revenue from its member newspapers has declined as the agency developed more multimedia content. Only about one-third of the agency's US$39-million annual revenue comes from the basic fees that newspapers pay to be members of the cooperative compared to two-thirds a decade ago.


Updated : 2021-08-03 06:02 GMT+08:00