Business News

Agreement Reached With the City of Quebec: Quebecor Media Secures Management and Naming Rights to Future Quebec City Arena

Wednesday 02. March 2011 - After several months of negotiations, Quebecor Media is today pleased to announce it has reached a deal with the City of Quebec, granting the company management and naming rights to the city's future arena for a period of 25 years.

“Our company’s involvement in this project is first and foremost a reflection of our confidence in the vitality of our national capital and its population. There is something going on in Quebec City. Things are happening, projects are multiplying and we are glad to be a part of it,” said Pierre Karl Péladeau, president and chief executive officer of Quebecor Media, during a press conference with Quebec City’s mayor and other elected officials.
Quebecor Media intends for the arena, slated to open at the end of 2015, to become a hot bed of sporting and cultural events for residents of Quebec City and all of Quebec to enjoy. To this end, the company is determined to make all necessary efforts to attract the biggest names in show business and position the city as a must stop for all major North American tours.
Mr. Peladeau also insisted that, regardless of Quebecor Media’s participation in the project, the new arena will be and will remain a public good belonging to all Quebec City residents. “The success of this project rests with the entire Quebec City community claiming the arena as their own, and making it not only a source of pride, but a place that reflects who they are,” said Mr. Péladeau.
For Quebecor, securing management and naming rights for the new arena is of course a major asset in its quest to attract an NHL franchise to Quebec City. “Quebec is one of the most wonderful hockey cities in the world and I am determined to bring the Nordiques back. In order for this to happen, our priority is to keep building trust with our partners, while abiding by the NHL’s usual business practices, including remaining discreet about our undertakings,” added Mr. Péladeau.
Quebecor Media also wishes to congratulate and thank all the players who were involved in making this agreement possible, starting with the mayor of Quebec City and his staff, who negotiated a deal that contains all the necessary ingredients to make this new arena an economic, cultural and sporting success, as well as a source of pride for residents of Quebec City and all of Quebec for decades to come.
Financial commitment
To obtain management and naming rights for the future Quebec City arena for a period of 25 years, Quebecor Media has made financial commitments of between $110 million and $200 million, depending on the realization of certain hypotheses contained in the agreement. This amount also includes profit-sharing, as agreed between the parties.