LA PRESSE - MAY 8, 2018
By Bernard Bujold-
The date of May 8, 2018 will go down in history as the date of La Presse's abandonment by Power Corporation.
Indeed, the idea is great from a financial point of view but tragic in terms of the future of Quebec media.
The formula chosen by Power Corporation to get rid of LA PRESSE and regain its losses of $400 million is copied directly from the US formula of a media like PRO PUBLICA founded in 2007 by one of the Wall Street Journal editors, Paul Steiger, who had left the WSJ when Rupert Murdoch acquired it in 2007. The operation of PRO PUBLICA is entirely funded by donations from wealthy business people.
However, it requires a strong market and if the United States can effectively support this kind of media, the situation is not comparable here in Quebec. The closest example of a Quebec non-profit media outlet would be Le Devoir and we all know its financial difficulties.
Clearly, Power Corporation has just emerged from a major financial problem but there is reason to believe that the long-term future of La Presse is seriously threatened not to say condemn to close or at the best to merge with one of two Montreal universities.
To be continued.
SEE LA PRESSE PRESS RELEASE
SEE PRO PUBLICA
SEE 2018 ANNUAL MEETING POWER CORPORATION
SEE PHOTO
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