The Canadian media landscape continues to change as publications fight to keep their revenues above expenses. This week La Presse announced intentions to change the company structure from a profit to a non-profit. As part of this change Power Corporation will no longer own La Presse and will no longer have any ties with the not for profit structure. A social trust will be established and the trust deed will be made public at that time.
Once the new structure is established, all profit from operations, any government assistance and money collected from donors will serve the operations of La Presse, with the ultimate goal of producing high-quality news reporting for the public at large.
The new structure aims to embrace the new modern media reality and landscape. The contribution of $50 million from Power Corporation will help La Presse focus on its strategic plan in an orderly manner and to bring together the necessary conditions to expand its support base, from the federal government, to major donors, foundations, advertisers and the general public. La Presse will be able to pursue its mission: producing high-quality, thorough and reliable news and promoting diversity of opinion with respect for ideas and individuals.
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We reached out to a communications contact at La Presse who has confirmed there will be no layoffs as a result of the structure change.
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