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.
Get daily news
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.
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.
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.