Transcontinental must sell some papers in Quebecor deal

By Alastair Sharp TORONTO (Reuters) - Transcontinental Inc will have to sell 34 community newspapers to complete a deal to buy 74 Quebecor Inc Sun Media weeklies, Canada's Competition Bureau said in approving the transaction on Wednesday. The two companies said in December that Transcontinental would buy the papers from Quebecor for C$75 million ($69 million), subject to regulatory approval. Quebecor, owner of the Sun newspaper chain, is moving away from print operations in favor of growing wireless and Internet services. Transcontinental in some cases would have become the owner of two competing community newspapers in a given region, the competition watchdog said. Read More http://ift.tt/1wmaBFz