MONTREAL – Just in time for the 41st annual Montreal Film Festival, Quebecor has struck a strategic partnership with the non-profit organization that owns the Imperial Theatre in order to preserve the historic building and develop it as a cultural venue.
Built in 1913 and classified as an historic site by the Quebec government in 2012, the Renaissance-style "super palace" is considered one of the Montreal's most beautiful theatres.
Quebecor said Tuesday that it has acquired the landmark’s substantial mortgage debt, stopping the repossession proceedings that were under way and allowing the non-profit to remain the theatre’s owner. In return, Quebecor will have priority rental rights to the facility and will have two company representatives join the facility’s board of directors.
"Preserving our cultural heritage is a core commitment for Quebecor," said Quebecor president and CEO Pierre Karl Péladeau, in the news release. "Our support will ensure the survival of a cultural and architectural gem located in the heart of Montréal's Quartier des spectacles. We will also put Quebecor's strength behind the Imperial Theatre so it can realize its full potential and recover its old majesty. Our team will help the organization pursue its mission, for the benefit of the artistic community and the entire population."
