The Canadian Press
In July 2010, a tentative deal was struck between The Canadian Press' three largest stakeholders, CTVglobemedia, Torstar, and Gesca, to transform the newswire from a co-operative into a for-profit entity. On November 26, 2010, Torstar, "The Globe and Mail", and Square Victoria Communications Group announced they have invested in a new for-profit entity, Canadian Press Enterprises Inc., to take over the operations of The Canadian Press. The change in the ownership structure from a non-profit co-operative to a for-profit private business allowed the company to cover its pension needs and take advantage of future business opportunities, Phillip Crawley, publisher of "The Globe and Mail", said in an interview, November 26, 2010. The Canadian Press had a serious pension shortfall, which was, in 2010, valued at $34.4 million.