Cogeco Inc. is a Canadian telecommunications and media company. Its corporate offices are located at 5 Place Ville-Marie in Montreal, Quebec. The company operates Cogeco Communications Inc. which is structured into three strategic business units (SBU); Cogeco Connexion, Atlantic Broadband, and Cogeco Media.[4] The company provides a range of telecommunication products and services including cable television, radio and television broadcasting, telephony, and Internet services in Ontario and Quebec in Canada, and in eleven states along the east coast of the United States.[5] Cogeco Inc. is a publicly traded company and is controlled (71.29%) by the Audet family's holding company Gestion Audem Inc.[6][7][8] The Cogeco corporations are listed with the Toronto Stock Exchange (TSXCGO and TSXCCA). The name Cogeco is an acronym for Compagnie Générale de Communication ("General Communications Company").[9]

Cogeco Inc.
Public
Traded asTSXCGO
TSXCCA
IndustryTelecommunications
FoundedTrois-Rivières, Quebec, Canada (1957)[1]
FounderHenri Audet
HeadquartersMontreal, Quebec, Canada
Key people
  • Philippe Jetté (President & CEO)
  • Patrice Ouimet (Senior Vice President & CFO)
ProductsCable TV, Internet, Telecommunications, Broadcasting
RevenueIncrease CA$2.33 billion (FY19) CA$2.15 billion (FY18)[2]
Increase CA$1.11 billion (FY19) CA$1.01 billion (FY18)[2]
Increase CA$432 million (FY19) CA$351 million (FY18)[2]
Total assetsDecrease CA$6.95 billion (FY19) CA$7.18 billion (FY18)[2]
Number of employees
4,500[3] (2019)
SubsidiariesAtlantic Broadband
Websitecorpo.cogeco.com/cca/
www.cogeco.ca

HistoryEdit

In June 1957, Henri Audet (1918-2012) who had left the Canadian Broadcasting Corporation (CBC), and had become president and managing director of Télévision St. Maurice Inc., was awarded a broadcasting license by the Canadian Radio Broadcasting Commission (CRBC) to operate a television station in Trois-Rivières, Quebec. The call sign would be CKTM-TV,[9] and it would become an affiliate of the CBC French-language network Société Radio-Canada (SRC). Télévision St. Maurice Inc. was later renamed Cogéco Radio-Télévision Inc., a subsidiary of Cogeco Inc. He would also become chairman and president of La Belle Vision Inc.,[10] which was in 1972, Cogeco's first acquisition.[11][12] Henri Audet was chairman and CEO of Cogeco Inc. between 1976 and 1993, and later in the year 1996, was named President Emeritus of Cogeco Inc. and Cogeco Cable Inc.[13]

Over time the company divested itself of all its on-air broadcast television assets. In 1989, the company obtained its initial presence in Ontario by acquiring cable systems in Burlington and Oakville and in 1996 expanded further in Ontario by acquiring an additional 25 cable systems (303,000 customers for CA$350 million) from Rogers Communications.[14] Between 1998 and 2001, Cogeco increased its footprint in both Quebec and Ontario with the acquisition of an additional 19 cable systems.[11] In a turn of events, in 2009 and again in 2010, Rogers invested substantially in both Cogeco Inc. and Cogeco Cable Inc.,[15][16] resulting in some speculation surrounding the two rivals.[17]

In 2011, the company increased its radio station assets by acquiring Corus Québec, a subsidiary of Corus Entertainment,[18] and in 2018 acquired additional radio stations from RNC Média, giving it a total of twenty-two radio stations in Quebec and one in Ontario.[11] Also that year, the company purchased Métromédia for CA$41 million to later sell it in 2018 to Bell Media for an undisclosed amount.[19]

In February 2012, the company also sold its cable system Cabovisão in Portugal to the European media group Altice.[20]

In July 2012, the company expanded into the U.S. market by acquiring the cable system operator Atlantic Broadband.[11] In December that same year, it acquired Peer 1 Hosting, an internet infrastructure provider,[21] and later in October 2015, merged it with its Cogeco Data Services, forming a new subsidiary called Cogeco Peer 1.[22]

In January 2018, Cogeco Communications Inc. announced that its US subsidiary Atlantic Broadband had completed the acquisition of the cable systems owned by Harron Communications which were operating under the brand name MetroCast[23] for US$1.4 billion,[24] making the company the eight largest hybrid fibre coaxial cable operator in North America.[25]

In February, 2019 the company announced that it had sold Cogeco Peer 1 to Digital Colony, a global investment firm for CA$720 million.[26]

On September 2, 2020, Altice USA announced an unsolicited offer to purchase both Cogeco and Cogeco Communications. If the offer is accepted, Altice would immediately resell Cogeco's Canadian assets to Rogers, which retains large minority interests in both Cogeco companies, while Altice would keep Cogeco's U.S. assets including Atlantic Broadband.[27] Cogeco's controlling shareholders, the Audet family, indicated shortly thereafter that they would not support the offer;[28][29] it has since been rejected as well by the independent members of the companies' boards of directors, while Quebec Premier François Legault has also signalled his opposition to losing another major Quebec-based company.[30] However, Altice and Rogers said following these responses that they will continue to pursue a purchase, with Rogers promising to maintain a separate management team and regional headquarters for its Quebec operations.[30] In October 2020, a second offer was made by Altice USA and, again, rejected by the Audet family. The second offer was brought to $11.1 billion in cash[31]

See alsoEdit

ReferencesEdit

  1. ^ "Cogeco Annual Report 2006" (PDF). Retrieved 14 April 2007.
  2. ^ a b c d "Cogeco 2019 Annual Report" (PDF). corpo.cogeco.com.
  3. ^ "Cogeco employees in North America". corpo.cogeco.com.
  4. ^ "Cogeco Organizational Structure". Cogeco Corporate Website. Archived from the original on 10 January 2018. Retrieved 23 May 2020.
  5. ^ "Cogeco Communications Inc". About Cogeco Communications Inc. Archived from the original on 13 April 2020. Retrieved 23 May 2020.
  6. ^ "Federal Corporation Information - 068854-1 - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada". www.ic.gc.ca. Archived from the original on 23 May 2020. Retrieved 20 March 2020.
  7. ^ "Gestion Audem Inc - Company Profile and News". Bloomberg.com. Archived from the original on 20 March 2020. Retrieved 20 March 2020.
  8. ^ "Ownership – Broadcasting - CRTC" (PDF). crtc.gc.ca. 11 June 2019. Archived (PDF) from the original on 20 March 2020. Retrieved 20 March 2020.
  9. ^ a b ez2me2009 (14 April 2011). "Station identification for CKTM-TV, which included the Cogeco logo and its meaning". YouTube. YouTube. Retrieved 28 November 2011.
  10. ^ "CKTM-TV". History of Canadian Broadcasting. Archived from the original on 17 November 2017. Retrieved 23 May 2020.
  11. ^ a b c d "Cogeco History". corpo.cogeco.com. Archived from the original on 22 October 2019. Retrieved 23 May 2020.
  12. ^ "Cogeco Inc. | History of Canadian Broadcasting". www.broadcasting-history.ca. Archived from the original on 27 March 2020. Retrieved 18 March 2020.
  13. ^ Audet, Henri. "Henri Audet Biography". History of Canadian Broadcasting. Archived from the original on 11 August 2018. Retrieved 23 May 2020.
  14. ^ "History of Rogers Communications Inc. – FundingUniverse". www.fundinguniverse.com. Archived from the original on 12 March 2017. Retrieved 21 March 2020 – via International Directory of Company Histories, Vol. 30. St. James Press, 2000.
  15. ^ "Rogers Purchasing 3.2 Million Shares of Cogeco Cable Inc. and 1.6 Million Shares of Cogeco Inc". About Rogers. 26 November 2009. Archived from the original on 21 March 2020. Retrieved 21 March 2020.
  16. ^ "Rogers Purchasing Additional Shares of Cogeco Cable Inc. and Cogeco Inc". About Rogers. 4 November 2010. Archived from the original on 21 March 2020. Retrieved 21 March 2020.
  17. ^ "What's up between Cogeco and Rogers". The Globe and Mail. 26 November 2009. Archived from the original on 18 June 2018. Retrieved 21 March 2020.
  18. ^ "Cogeco Media". Cogeco Media. Archived from the original on 23 April 2020. Retrieved 23 May 2020.
  19. ^ "Cogeco sells Metromedia division to Bell Media for undisclosed price". The Globe and Mail. 5 January 2016. Archived from the original on 17 December 2016. Retrieved 18 March 2020.
  20. ^ "Sale of Cabovisão – Televisão por Cabo S.A. to European Group ALTICE" (PDF). Archived from the original (PDF) on 14 May 2014. Retrieved 1 March 2012.
  21. ^ "Cogeco Cable Inc. to acquire Peer 1 Network Entreprises, Inc" (PDF). 18 July 2012. Archived from the original (PDF) on 14 July 2014. Retrieved 14 May 2014.
  22. ^ "Presenting Cogeco Peer 1". Cogeco. 19 October 2015. Archived from the original on 11 November 2016. Retrieved 10 November 2016.
  23. ^ "Cogeco Communications Inc. Announces the Completion of Atlantic Broadband's Acquisition of All of the Metrocast Cable Systems". Cogeco Communications Inc. Announces the Completion of Atlantic Broadband's Acquisition of All of the Metrocast Cable Systems (in French). 4 January 2018. Archived from the original on 21 April 2019. Retrieved 18 March 2020.
  24. ^ "Cogeco achète des actifs de MetroCast pour 1,4 milliard US | Médias et télécoms". La Presse (in French). 10 July 2017. Archived from the original on 13 July 2017. Retrieved 10 July 2017.
  25. ^ "About Cogeco Communications Inc". About Cogeco Communications Inc. Archived from the original on 28 October 2019. Retrieved 18 March 2020.
  26. ^ "Cogeco Peer 1 Sold". Corpo Cogeco. 27 February 2019. Archived from the original on 23 May 2020. Retrieved 23 May 2020.
  27. ^ Deschamps, Tara (2 September 2020). "U.S. cable company makes $10.3B bid for Cogeco, would sell Cdn. assets to Rogers". Toronto Star. Retrieved 2 September 2020.
  28. ^ https://www.lapresse.ca/affaires/entreprises/2020-09-07/achat-de-cogeco-un-refus-definitif-des-audet.php
  29. ^ Zivitz, Noah (2 September 2020). "Rogers, Altice target Cogeco for $10.3B takeover; Audet balks". BNNBloomberg.ca. Retrieved 2 September 2020.
  30. ^ a b Posadzki, Alexandra; van Praet, Nicolas (4 September 2020). "Rogers vows to keep Cogeco headquarters in Quebec if deal goes through". The Globe and Mail. Retrieved 4 September 2020.
  31. ^ https://www.cbc.ca/news/business/altice-rogers-cogeco-new-offer-1.5767380

External linksEdit