La Presse de Montréal announces a new official non-profit status

Press group La Presse de Montréal claims to have officially adopted a non-profit organization

President Pierre-Elliott Levbadeur announced on La Presse's website that the point of sale is entirely independent of Power Corporation from Canada. Saturday

From now on, Levbadeur says that the 130-year-old publication will function as a "social trust" to be administered by Louis LeBel, retired judge of the Supreme Court.

La Presse first announced its intention to move to a nonprofit structure in May

The Government of Quebec paved the way for change on last month by speeding up a bill to repeal a provision pbaded in 1967 concerning the ownership of La Presse. 1965-9007] Power Corp., which owned La Presse through its subsidiary Square Victoria Communications Group, agreed to grant $ 50 million to the new company.

The company also holds an investment in The Canadian Press under a joint agreement with Torstar and a subsidiary of the Globe and Mail.