22:36:44 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Rogers Communications Inc
Symbol RCI
Shares Issued 403,655,483
Close 2018-08-15 C$ 68.53
Market Cap C$ 27,662,510,250
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Globe says Rogers puts magazine group up for sale

2018-08-16 07:06 ET - In the News

The Globe and Mail reports in its Thursday edition that Rogers Communications wants out of the magazine business. The Globe's Susan Krashinsky writes that Rogers is soliciting bids for a package of assets that includes eight magazine titles -- Maclean's, Canadian Business, MoneySense, Today's Parent, Hello! Canada, Flare and Chatelaine's French and English editions -- as well as its custom-content group, which creates marketing content for in-house magazines. The company is seeking to sell all of the publishing assets in one deal. Rogers has hired CIBC World Markets to manage the sale. The company is pursuing a more focused strategy for its media division, placing an emphasis on parts of the business its leadership feels are most promising, particularly sports, which still draw audiences to live TV. Rogers operates the Sportsnet broadcast properties and is in the midst of a pricey $5.2-billion, 12-year contract for National Hockey League broadcast rights; it also owns the Toronto Blue Jays. The magazine sale process comes after Rogers Media laid off 75 full-time employees in June. Rogers said at the time that the cost-cutting was designed to keep its publishing business "sustainable."

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