Agreement Reached With the City of Quebec: Quebecor Media Secures Management and Naming Rights to Future Quebec City Arena
March 01 2011 - 1:45PM
Marketwired
After several months of negotiations, Quebecor Media is today
pleased to announce it has reached a deal with the City of Quebec,
granting the company management and naming rights to the city's
future arena for a period of 25 years.
"Our company's involvement in this project is first and foremost
a reflection of our confidence in the vitality of our national
capital and its population. There is something going on in Quebec
City. Things are happening, projects are multiplying and we are
glad to be a part of it," said Pierre Karl Peladeau, president and
chief executive officer of Quebecor Media, during a press
conference with Quebec City's mayor and other elected
officials.
Quebecor Media intends for the arena, slated to open at the end
of 2015, to become a hot bed of sporting and cultural events for
residents of Quebec City and all of Quebec to enjoy. To this end,
the company is determined to make all necessary efforts to attract
the biggest names in show business and position the city as a must
stop for all major North American tours.
Mr. Peladeau also insisted that, regardless of Quebecor Media's
participation in the project, the new arena will be and will remain
a public good belonging to all Quebec City residents. "The success
of this project rests with the entire Quebec City community
claiming the arena as their own, and making it not only a source of
pride, but a place that reflects who they are," said Mr.
Peladeau.
For Quebecor, securing management and naming rights for the new
arena is of course a major asset in its quest to attract an NHL
franchise to Quebec City. "Quebec is one of the most wonderful
hockey cities in the world and I am determined to bring the
Nordiques back. In order for this to happen, our priority is to
keep building trust with our partners, while abiding by the NHL's
usual business practices, including remaining discreet about our
undertakings," added Mr. Peladeau.
Quebecor Media also wishes to congratulate and thank all the
players who were involved in making this agreement possible,
starting with the mayor of Quebec City and his staff, who
negotiated a deal that contains all the necessary ingredients to
make this new arena an economic, cultural and sporting success, as
well as a source of pride for residents of Quebec City and all of
Quebec for decades to come.
Financial commitment
To obtain management and naming rights for the future Quebec
City arena for a period of 25 years, Quebecor Media has made
financial commitments of between $110 million and $200 million,
depending on the realization of certain hypotheses contained in the
agreement. This amount also includes profit-sharing, as agreed
between the parties.
About Quebecor Media
Quebecor Media Inc. is a subsidiary of Quebecor Inc. (TSX:
QBR.A)(TSX: QBR.B), a communications company with operations in
North America, Europe and Asia. Quebecor Media owns operating
companies in numerous media-related businesses: Videotron Ltd., an
integrated communications company engaged in cable television,
interactive multimedia development, Internet access services, cable
telephony and wireless telephone service; Sun Media Corporation,
the largest publisher of newspapers in Canada; Canoe.ca., operator
of a network of English and French language Internet properties in
Canada; Quebecor Media Network, provider of flyer printing and
distribution services; 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; Nurun Inc., a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia; magazine publisher TVA Publishing Inc.; book
publishers and distributors Sogides Group Inc. and CEC Publishing
Inc.; Archambault Group Inc. and TVA Films, companies engaged in
the production, distribution and retailing of cultural products; Le
SuperClub Videotron ltee, a DVD and console game rental and retail
chain; and Quebecor MediaPages, publisher of print and online
directories.
Contacts: Quebecor Media Inc. Martin Tremblay Senior advisor,
special projects 514-380-1985 martin.tremblay@quebecor.com
Quebecor (TSX:QBR.A)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quebecor (TSX:QBR.A)
Historical Stock Chart
From Jul 2023 to Jul 2024