Mediagrif acquires Yellow Media's LesPac for $72 million cash
Today, Mediagrif acquired LesPAC.com, an online classifieds business owned by Yellow Media, the struggling half-print, half-digital company whose stock has plunged below a dollar after mounting debt forced the company to dramatically reduce its dividend.
The all-cash purchase was valued at $72.5 million. It is part of a transition away from consumer-to-consumer platforms, with Yellow Media instead focusing on targeting Canadian businesses.
The cash will mainly be used to pay down the company's debt.
