MONTRÉAL, Aug. 22, 2017 /CNW
Telbec/ - Concerned, as is Québec's entire cultural industry, about
the future of the Imperial Theatre, Quebecor announced today that
it has formed a strategic partnership with the non-profit
organization that owns the theatre in order to preserve the
historic building and develop it as a cultural venue. Quebecor has
therefore acquired the property's substantial mortgage debt, making
it possible for the non-profit to remain the owner while Quebecor
will have priority rental rights.
![Marie-Josée Raymond, co-director, Elephant : The memory of Québec cinema, Pierre Karl Péladeau, President and Chief Executive Officer, Quebecor, Sylvie Cordeau, Philanthropy and Sponsorships Vice President, Quebecor, France Lauzière, Senior Vice President, Quebecor Content, Vice President, Programming, TVA Group, Anne Vivien, Executive Vice President, Music Development, Quebecor Media Group, Serge Losique, Chairman of the Board of the Imperial Theatre and François Beaudry-Losique, Director General of the Imperial Theatre. (CNW Group/Quebecor) Marie-Josée Raymond, co-director, Elephant : The memory of Québec cinema, Pierre Karl Péladeau, President and Chief Executive Officer, Quebecor, Sylvie Cordeau, Philanthropy and Sponsorships Vice President, Quebecor, France Lauzière, Senior Vice President, Quebecor Content, Vice President, Programming, TVA Group, Anne Vivien, Executive Vice President, Music Development, Quebecor Media Group, Serge Losique, Chairman of the Board of the Imperial Theatre and François Beaudry-Losique, Director General of the Imperial Theatre. (CNW Group/Quebecor)](https://mma.prnewswire.com/media/547856/Quebecor_Quebecor_invests_to_preserve_and_revitalize_the_Imperia.jpg)
"Preserving our cultural heritage is a core commitment for
Quebecor," said Pierre Karl Péladeau, President and CEO of
Quebecor. "Our support will ensure the survival of a cultural and
architectural gem located in the heart of Montréal's Quartier des
spectacles. We will also put Quebecor's strength behind the
Imperial Theatre so it can realize its full potential and recover
its old majesty. Our team will help the organization pursue its
mission, for the benefit of the artistic community and the entire
population."
"Having devoted my life to cinema, I am very reassured by the
fact that the Imperial can now count on Quebecor, a company that is
known for its sincere attachment to culture and has demonstrated it
over the past 10 years by supporting, among others, the World Film
Festival as a sponsor," said Serge Losique, Chairman of the Board
of the Imperial Theatre. "I am very grateful to them."
Commented François Beaudry-Losique, Director General of the
Imperial Theatre: "This is a new start for the Imperial! We are
relieved that we won't lose our building and very enthusiastic
about this partnership with Quebecor. The Imperial Theatre will now
have the benefit of the expertise of a well-established company
with deep roots in Québec's cultural industry. We will work
together to breathe new life into the Imperial, develop its
activities and put it back on a stable financial footing."
Stronger Board of Directors
The Imperial Theatre's Board of Directors will now have six
members. Jean-François Pruneau, Senior Vice President and CFO of
Quebecor; Marc M. Tremblay, Senior
Vice President, Chief Legal Affairs and Public Affairs and
Corporate Secretary; and two independent members to be named later
will join current directors Serge Losique and François
Beaudry-Losique on the Board. The new board's mandate will be to
pursue the Imperial's cultural mission and develop its programming
in order to make the theatre financially stable.
Quebecor has bought the substantial mortgage on the Imperial to
stop the repossession proceedings that were under way. Quebecor has
replaced the mortgage held by private lenders, who were charging
18% interest, with a loan at commercial rates that will
significantly relieve the financial pressure on the non-profit that
owns the theatre.
A treasure for the community
"Montréal is fortunate to have such a splendid, hundred-year-old
venue," said Pierre Karl Péladeau. "I hope the commitment we have
announced today will receive a favourable echo from governments and
that we will be able to work together to restore the Imperial to
its former glory. We welcome everyone that wants to join in the
Imperial's rebirth!"
The Imperial Theatre was built in 1913 and classified as an
historic site by the Québec government in 2012. The
Renaissance-style "super palace" is considered one of the
Montréal's most beautiful theatres.
About Quebecor
Quebecor, a Canadian leader in
telecommunications, entertainment, news media and culture, is one
of the best-performing integrated communications companies in the
industry. Driven by their determination to deliver the best
possible customer experience, all of Quebecor's subsidiaries and
brands are differentiated by their high-quality, multiplatform,
convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec. It
holds an 81.53% interest in Quebecor Media, which employs more than
10,000 people in Canada.
A family business founded in 1950, Quebecor is strongly
committed to the community. Every year, it actively supports people
working with more than 400 organizations in the vital fields of
culture, health, education, the environment and
entrepreneurship.
Visit our website: quebecor.com
Follow us on Twitter: twitter.com/Quebecor
SOURCE Quebecor