Woodbridge Acquires Direct Ownership of The Globe and Mail
TORONTO, Sept. 10 /CNW/ - The Woodbridge Company Limited announced today that it will acquire direct ownership of Canada's National Newspaper, The Globe and Mail.
Woodbridge is the investment vehicle for Canada's Thomson family.
The Globe and Mail has been in print for more than 166 years, and currently has circulation of 300,000 and weekday readership of 930,000, and an average Saturday circulation of 380,000 and readership of 1 million. The Globe's websites attract an average of 3 million unique visitors generating over 90 million page views each month. The Globe will be launching a previously planned redesign of the newspaper on October 1, using the next generation of print technology. The business, headquartered in Toronto, has approximately 750 employees across Canada and in international bureaus.
Woodbridge has had an indirect interest in The Globe and Mail since 1980. In 2001 The Globe and Mail was combined with broadcast assets held by BCE to form the business now known as CTVglobemedia. It was also announced today that Woodbridge intends to sell its 40% interest in CTVglobemedia to BCE.
Woodbridge will own 85% of The Globe and Mail and BCE will continue to own 15%.
"The Globe and Mail is the country's finest media property," said David Thomson. Mr. Thomson, along with his brother Peter, are the Chairmen of Woodbridge. "One of the world's quality newspapers, The Globe has created for itself a leading position in the digital arena and has the opportunity for ever more success through innovative talent and its relationship with BCE."
"The Globe and Mail is pleased with Woodbridge's increased investment," said Phillip Crawley, Publisher and CEO of The Globe and Mail. "Woodbridge has a remarkable tradition of providing editorial independence and financial discipline. We think this enlarged commitment is an outstanding platform for us to move forward with the exciting changes we are planning at The Globe in order to maintain our leadership position as Canada's National Newspaper. We are also pleased that BCE, Canada's largest communications company, will continue to be a shareholder."
"This transaction, together with Woodbridge's agreement to invest in BCE as part of the sale of their interest in CTVglobemedia, reflect Woodbridge's confidence in BCE's ability to maximize its strategic and operating synergies with CTV," said George Cope, President and CEO of BCE. "We look forward to playing a role in The Globe's continuing evolution as a leader in digital and mobile media. The Globe can help deliver great Canadian content that our customers want," said Cope.
About The Globe and Mail
The Globe and Mail is Canada's national newspaper, delivering news, business, sports, arts and lifestyle content across all media platforms.
About The Woodbridge Company Limited
The Woodbridge Company Limited is the primary investment vehicle for the Thomson family of Canada. It has a number of investments, including a 55% stake in Thomson Reuters, listed on the Toronto and New York stock exchanges.
BCE is Canada's largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in Canada. Operating under the Bell and Bell Aliant brands, the Company's services include telephone services, wireless communications, high-speed internet, digital television, IP-broadband services and information and communications technology (ICT) services. BCE shares are listed in Canada and the United States. For corporate information on BCE, please visit www.bce.ca.
For further information:
The Globe and Mail, Contact: Phillip Crawley, Publisher and CEO (416) 585 5000
The Woodbridge Company Limited, Contact: David Binet, Executive Vice President (416) 364 8700
BCE, Contact: Mark Langton, Bell Media Relations (416) 581 4339