TC Transcontinental announces new agreement with Hearst
Transcontinental Inc. announced that, effective April 2, 2018, TC Transcontinental will transfer to Hearst the printing operations of its Fremont, California facility where Hearst's San Francisco Chronicle — the largest newspaper in Northern California and the second largest on the West Coast — and its related products are printed, and post-press services are conducted. Under the terms of the agreement, TC Transcontinental will continue printing the newspaper in Fremont for a transition period. TC Transcontinental will receive a cash payment of US$42.8 million from Hearst as compensation for the early termination of the printing agreement, for the sale of some of its printing equipment, and for services to be rendered as part of a Transitional Service Agreement. The amount will be received mainly in 2017, and the balance in 2018. Click Read More below for additional information.