La Presse plans to go not-for-profit — if Quebec lets it
Montreal-based La Presse news group says it plans to adopt a not-for-profit structure if Quebec repeals a provision allowing it to do so.
The French-language publication says in a statement the change requires the Quebec government to repeal a provision of a Private Act adopted in 1967, regarding its ownership.
President Pierre-Elliott Levasseur says the new structure would benefit from a $50-million contribution from Power Corp., which currently owns La Presse.
The news organization says the financial contribution will help it focus on its strategic plan and bring together the necessary conditions to expand its support base.
The publication says Power Corp. would no longer own it or have any ties with the not-for-profit structure once it is established.
La Presse says it will use operational profits, any government assistance and donor funds to serve its goal of producing high-quality reporting.
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La Presse’s parent company holds an investment in The Canadian Press as part of a joint agreement with Torstar and a subsidiary of the Globe and Mail.