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Canadian Press May Be Owned by Torstar, Gesca, Globe Says

The Canadian Press news service struck a tentative deal to transform itself into a for-profit company from an industry cooperative, the Globe and Mail reported.

Canadian Press would be owned by Toronto Star publisher Torstar Corp., CTVglobemedia Inc., which owns the Globe and Mail, and Gesca, which owns La Presse, the Globe said today, without saying where it obtained the information.

The news service struggled after CanWest Global Communications Corp. ended its subscription in 2007 and Quebecor Inc., owner of Sun Media Corp., left this year, the newspaper said. The new agreement is not final and would be subject to federal government approvals, it said.

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