Quebecor's TVA acquires Vision Globale
DetailsMichelle Clancy | 31 December 2014
After obtaining Canadian Competition Bureau consent for the transaction, Quebecor Media subsidiary TVA Group has closed the acquisition of the assets of Vision Globale.
Vision Globale offers soundstage and equipment-leasing services, and film and television post-production services. The acquired assets include the movie and television studios Mel's in Montreal, and Melrose in Saint-Hubert, which are facilities that are used for both local and foreign film and television production.
"This acquisition is consistent with our strategy of investing in growth segments that will enable us to diversify our revenue streams, which are heavily dependent on the advertising carried by our over-the-air television network," said Julie Tremblay, president and CEO of Media Group and TVA Group. "I am confident that our acquisition of Vision Globale's assets will contribute to our goal of creating shareholder value. "
Vision Globale's managers and approximately 500 employees will transition to TVA Group.
In connection with the closing of the Vision Globale acquisition, Quebecor Media provided today TVA Group with a bridge loan of $100 million.