Quebecor Inc.

Quebecor Inc.

January 21, 2008 09:25 ET

Quebecor Inc. and Quebecor Media Inc. Not Affected by Quebecor World Developments

MONTREAL, QUEBEC--(Marketwire - Jan. 21, 2008) - Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B), Quebecor Media Inc. and its subsidiaries are not affected in any way by the decision of Quebecor World to seek court protection from creditors under the Companies' Creditors Arrangement Act (CCAA). Quebecor World is an independent company, distinct from the two other entities, and its current situation will have no effect on the normal, continuing operations of Quebecor Inc. and Quebecor Media Inc.

"In recent weeks, Quebecor Inc., the principal shareholder of Quebecor World, actively tried to find a solution that would have avoided the CCAA action. A major partner, Brookfield, had been identified and a serious offer was made to the bank creditors of Quebecor World. The banks rejected the conditions of this offer and Quebecor Inc. decided that it would not be in the interest of its shareholders to pursue further offers that could have increased unreasonably the risks it might assume," said Pierre Karl Peladeau, President and Chief Executive Officer of Quebecor Inc. "Quebecor and Quebecor Media are both in excellent financial health and the outlooks for the future of the businesses are excellent."

Quebecor Inc. formally advised Quebecor World yesterday that it must remove "Quebecor" from its corporate name. This measure is intended to eliminate any confusion in the public.

Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) is a communications company with operations in North America, Europe, Latin America and Asia. It has two operating subsidiaries, Quebecor World Inc. and Quebecor Media Inc. Quebecor World is one of the largest commercial print media services companies in the world. Quebecor Media owns operating companies in numerous media related businesses: Videotron Ltd., the largest cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, Canada's largest national chain of tabloids and community newspapers; TVA Group Inc., operator of the largest French language over the air television network in Quebec, a number of specialty channels, and the English language over the air station Sun TV; Canoe Inc., operator of a network of English and French language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., the largest chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron Ltd., a chain of video and video game rental and retail stores. Quebecor Inc. has operations in 18 countries.

Contact Information

  • Quebecor Inc.
    Luc Lavoie
    Executive Vice President, Corporate Affairs
    Mobile: 514-886-7665