Transcontinental allowed to buy Quebecor papers, with conditions

OTTAWA Wed May 28, 2014 9:18am EDT

OTTAWA May 28 (Reuters) - Transcontinental Inc will have to put up 34 community newspapers for sale under an agreement with Canada's Competition Bureau that allows it to purchase 74 community papers from Quebecor Inc subsidiary Quebecor Media Inc.

The Competition Bureau announced the consent agreement with Transcontinental on Wednesday.

"In each regional market where the Bureau found that the transaction could potentially result in a substantial lessening or prevention of competition for advertising space in community newspapers, the Consent Agreement requires that at least one newspaper be offered for sale," the agency stated. (Reporting by Randall Palmer; Editing by James Dalgleish)