Canadian Magazine Industry News
9 January 2008,     LONGUEUIL, QUE.
Image in Media Inc. sold back to original owners

Section Rouge Media Inc. is selling Image in Media Inc., its subsidiary publishing division, to a group headed by its original owners, Pierre Bernatchez and Luigi Porco.

 

Image in Media publishes about 30 game books and magazines for Section Rouge, including Ma Revue de Machinerie et d'Equipements Agricoles and Bébé.

The company will sell in exchange for about 9.4 million common shares of Section Rouge controlled by the Bernatchez/Porco group, as well as for a convertible debenture worth about $1.4 million. The total value of the deal is about $3.2 million.

Section Rouge (SRO on the TSX) originally purchased Image on July 13, 2006 for a deemed price of about $4.2 million. According to a company document released in August 2007, Image was not meeting the profitability and growth expectations of Section’s board of directors

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