Quebecor Media pays $97.9-million for additional TVA Group shares

Quebecor Media has increased its holdings in TVA Group Inc. and how has a majority of both its non-voting shares and total equity interest in Quebec's largest private-sector French-language televison network. Quebecor Media said Friday it paid $97.9-million to buy an additional 17.3 million TVA class B shares, raising its total to 25.2 million or 64.9 per cent of the class from 40.7 per cent. Including its class A voting shares, Quebecor Media now owns 68.4 per cent of TVA's total equity. Quebecor Media is the main subsidiary of Quebecor Inc., which has a 75.7-per-cent interest in the media business that controls TVA, the Vidéotron cable and telecom network and publishing businesses.