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Montreal’s La Presse officially adopts not-for-profit structure

in this file photo, La Presse publisher Guy Crevier, left, responds to a question as president Pierre-Elliott Levasseur looks on during a news conference Tuesday, May 8, 2018 in Montreal. La Presse has officially adopted a not-for-profit structure. Sunday, July 15, 2019. THE CANADIAN PRESS/Paul Chiasson

Montreal-based La Presse news group says it has officially adopted a not-for-profit structure.

President Pierre-Elliott Levasseur announced on La Presse’s website that the outlet is fully independent from the Power Corporation of Canada as of Saturday.

READ MORE: La Presse seeks not-for-profit structure, pending Quebec legislation changes

Going forward, Levasseur says the 130-year-old publication will operate as a “social trust” that will be administered by retired Supreme Court justice Louis LeBel.

La Presse first announced its intention to shift to a non-profit structure in May.

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WATCH BELOW: Montreal-based La Presse plans to adopt a not-for-profit structure. Global News Montreal Senior Anchor Jamie Orchard speaks to Paul Gott, a Concordia University journalism lecturer, about the implications of the move for media as a whole.

Click to play video: 'Focus Montreal: ‘La Presse’ goes non-profit'
Focus Montreal: ‘La Presse’ goes non-profit

The Quebec government paved the way for the change last month by fast-tracking a bill to repeal a provision of an act adopted in 1967 regarding La Presse’s ownership.

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READ MORE: Bill to make La Presse a not-for-profit passes after Quebec invoked closure

Power Corp., which owned La Presse through its subsidiary Square Victoria Communications Group, agreed to grant $50 million to the new venture.

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

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