Woodbridge acquires full ownership of The Globe and Mail

Woodbridge Co. Ltd. has taken full ownership of The Globe and Mail, acquiring the 15-per-cent stake in the news organization from BCE Inc. that it did not previously own. Woodbridge, the private holding company of the Thomson family, and the communications company announced on Friday they had reached a deal. Financial terms of the sale were not disclosed. Through Woodbridge, the Thomson family has been The Globe’s majority owner. The company previously held 85 per cent of the paper’s shares, some of which it acquired in 2011 after BCE agreed to take full ownership of broadcasting company CTV Inc. for $1.3-billion. The Globe will keep its governance structure, though its board will no longer include a representative from BCE.

In a memo to staff, Phillip Crawley, The Globe’s publisher, said the sale will not affect day-to-day operations. “We are pleased to complete the acquisition of all of the shares of Canada’s pre-eminent national news organization and reconfirm our commitment to the critical role that The Globe and Mail plays in Canada,” said David Binet, president and chief executive officer of Woodbridge.

Source: The Globe and Mail