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                                                                    EXHIBIT 4.26

                              SUN MEDIA CORPORATION
          10.5% Convertible Obligation ("CANCAP") due January 14, 2020

CDN $255,000,000                                                January 14, 2005

         FOR VALUE RECEIVED, the undersigned, SUN MEDIA CORPORATION, a company
continued and existing under the COMPANY ACT (British Columbia) (the "ISSUER") ,
hereby promises to pay to QUEBECOR MEDIA INC., a company organized and existing
under the COMPANIES ACT (Quebec), or its assigns (in each case, the "HOLDER"),
the sum of 255,000,000 Canadian Dollars (the "FACE AMOUNT") on January 14, 2020,
with interests ("COUPON PAYMENTS") on the unpaid balance thereof at the rate of
10.5% per annum from the date hereof. The Coupon Payments shall be payable
(subject to Section 2(b) hereof) semi-annually on January 14 and July 14 of each
year (the first Coupon Payment which shall be of $13,277,465.75 and payable on
July 14, 2005, and the last Coupon Payment which shall be of $13,497,534.25 and
payable on January 14, 2020), until the Face Amount hereof shall become due and
payable.

         This 10.5% Convertible Obligation due January 14, 2020 (together with
any security issued upon transfer or exchange of or in substitution for this
Convertible Obligation, in each case, the "CANCAP") is an obligation of the
Issuer. The Holder of the Cancap will be deemed, by its acceptance of such
Cancap, to have agreed to all of the provisions thereof.

1.       DEFINITIONS.  The following are definitions which apply to the Cancap:

"CREDIT FACILITY" means the credit agreement dated as of February 7, 2003, as
amended from time to time, between the Issuer (as borrower), the financial
institutions identified therein (as lenders), Bank of America, N.A. (as
administrative agent) and Banc of America Securities LLC and Credit Suisse First
Boston (as joint lead arrangers and joint book-runners).

"CONVERSION PRICE" means the fair market value per share (as defined
hereinafter) at the time of a conversion pursuant to Section 6 hereof, as
determined in good faith by the Board of Directors of the Issuer;

"SHARE PAYMENT PRICE" means the fair market value per Share at the time of a
share payment pursuant to Section 2(c) hereof, as determined in good faith by
the Board of Directors of the Issuer; and

"SHARES" means fully-paid and non-assessable common shares of the capital stock
of the Issuer or its successor, and "SHARE" means one (1) such share.

         2. (a) CASH PAYMENT. Subject to Sections 2(c) and 6(a), payments with
respect to the Cancap shall be made in lawful money of Canada. Payments due and
payable on the Cancap shall be made, without the presentment or surrender of any
Cancap, by wire transfer or such other method, and at such address in Canada
(the

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"PLACE OF PAYMENT"), as shall be specified by the Holder in a notice given
at any time and from time to time to the Issuer.

                  (b) PAYMENT DEFERRAL OPTION. The issuer may elect to defer, at
any time and from time to time, Coupon Payments on the Cancap by extending the
Coupon Payment period on the Cancap for a period (each such period, an
"EXTENSION PERIOD") of up to twelve (12) consecutive semi-annual periods;
provided, however, that no Extension period may extend beyond January 14, 2020.

                  (c) SHARE PAYMENT OPTION. The Issuer may at any time, at its
option, elect to satisfy its obligation to pay deferred semi-annual and the
final Coupon Payment amounts by issuing and delivering to the Holder, for each
portion of $1,000 of Coupon Payment owed under the Cancap, the number of Shares
obtained by dividing $1,000 by the Share Payment Price.

         3. OPTIONAL REDEMPTION. The Cancap is redeemable at the option of the
Issuer, in whole at any time or in part from time to time, at a redemption price
equal to the then outstanding Face Amount (or portion thereof called for
redemption, as the case may be), together, in each case, with accrued and unpaid
Coupon Payments, if any, to the redemption date.

         In order to effect an optional redemption, the Issuer shall provide to
the Holder a notice of redemption of at least one (1) business day. On and after
any redemption date, Coupon Payments will cease to accrue on the Cancap or
portion thereof called for redemption.

         4. MANDATORY REDEMPTION.   (a) The occurrence of any of the following
shall constitute a "MANDATORY REDEMPTION EVENT":

            (1) any failure to pay the Face Amount of the Cancap when due and
payable (whether at maturity or a date fixed for redemption or by declaration or
otherwise);

            (2) any failure to pay any Coupon Payment on the Cancap when due and
payable, which failure continues for a period of thirty (30) days;

            (3) any failure to perform any other obligation under the Cancap,
which failure continues for more than thirty (30) days after receipt by the
Issuer of a notice from the Holder describing such failure in reasonable detail;

            (4) the Issuer (i) admits in writing its inability to pay its debts
as they become due, (ii) files, or consents by answer or otherwise to the filing
against it of, a petition for relief, reorganisation or arrangement or any other
petition in bankruptcy or for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any
jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv)
consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to it or any substantial part of its assets or
(V) takes corporate action for the purpose of the foregoing; or

            (5) a court or other governmental authority of competent
jurisdiction enters an order (I) appointing a custodian, receiver, trustee or
other officer with similar

                                      -2-

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powers with respect to the Issuer or any substantial part of its assets, (ii)
for relief or approving a petition for relief, reorganization or any other
petition in bankruptcy or for liquidation of the Issuer or to take advantage of
any bankruptcy, insolvency, reorganization, moratorium or other similar law of
any jurisdiction or (iii) for the dissolution, winding-up or liquidation of the
Issuer, or any such petition shall be filed against the Issuer and not be
dismissed within ninety (90) days.

(b) If any Mandatory Redemption Event has occurred and is continuing, the
Holder may, by written notice to the Issuer, declare the Cancap to be
immediately due and payable to the Holder. In any such case, the Cancap will
mature, and all amounts payable with respect thereto shall become immediately
due and payable, without presentment, demand, protest or further notice, all of
which are hereby waived.

(c) At any time after the Cancap has been declared immediately due and payable,
the Holder may, by notice to the Issuer, rescind such declaration and its
consequences; PROVIDED THAT (i) no judgment or decree shall have been entered
for the payment of the Cancap by reason of such declaration, (ii) the Issuer
shall have paid all amounts then due and payable (other than by virtue of such
declaration) with respect to the Cancap, and (iii) all non-monetary Mandatory
Redemption Events, if any, shall have been waived by the Holder of shall have
been cured.

5. RANKING. The obligations of the Issuer under the Cancap are subordinated in
right of payment to the prior payment in full of all existing and future
indebtedness of the Issuer. The holders of all other indebtedness of the Issuer
will be entitled to receive payment in full of all amounts due on or in respect
of all other indebtedness of the Issuer before the Holder is entitled to receive
or retain payment of any kind on the Cancap.

6. CONVERTIBILITY. (a) By giving a notice (a "CONVERSION NOTICE") to the Holder
at any time prior to the close of business on January 13, 2020 or the business
day immediately preceding the date of a redemption, as the case may be, the
Issuer may elect to convert all or any part of the unpaid Face Amount and
accrued and unpaid Coupon Payments into Shares at the Conversion Price, the
number of which Shares shall be determined by dividing the amount to be so
converted by the Conversion Price. Until the Issuer converts any unpaid Face
Amount and accrued and unpaid Coupon Payments to Shares, the Holder shall have
under this Section 6 none of the rights or obligations of a shareholder of the
Issuer.

(b) RESERVED SHARES; REGISTRATION, LISTING, ETC. The issuer shall reserve (if at
any time its articles limit the number of authorized Shares) and at all times
keep available, solely for the purpose of delivery upon conversion of the Cancap
as provided in this Section 6, such number of Shares as would then be
deliverable at the Conversion Price upon the conversion of the Cancap, which
Shares would be upon delivery duly and validly issued and fully paid and
non-assessable. If any such Shares require registration with or approval of any
governmental authority under any applicable law or listing upon any national
securities exchange before such shares may be issued and delivered upon
conversion, the Issuer shall use its best efforts to cause such Share to be duly
registered, approved and listed, as the case may be.

(c) CONVERSION PROCEDURE. Each Conversion Notice shall specify (a) the unpaid
Face Amount of the Cancap, (b) accrued and unpaid Coupon Payments payable
thereon, (c) the Conversion Price and (d) the number of Shares to be issued and
delivered upon

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conversion. The Issuer shall, within ten (10) days of sending any Conversion
Notice (or at such later time as to which the Issuer and the Holder may agree)
deliver to the Holder at the Place of Payment, against surrender of the Cancap
owned by the Holder, (i) at the Issuer's expense (including any stamp taxes or
similar governmental charges), the appropriate number of duly and validly issued
and fully paid and non-assessable Shares and one (1) or more stock certificates
therefor (in such number and registered in such names as the Holder may direct,
provided that if Shares are to be registered in the name of a person other than
the Holder, the Holder shall take all steps necessary to ensure that such
registration and any transfer resulting therefrom does not breach any applicable
provision of securities law or stock exchange rule) and (ii) to the extent of
any unpaid Face Amount of the Cancap after giving effect to such conversion (and
at the Issuer's expense), one (1) Cancap (registered in such name as the Holder
may direct) in substantially the form, and in aggregate face amount equal to the
such unpaid Face Amount of, such surrendered Cancap. Each new Cancap shall be
dated the date to which the Coupon Payment shall have been paid on such
surrendered Cancap and future Coupon Payments shall accrue from such date.

7.   MISCELLANEOUS.

(a) NOTICES. Except as specifically provided elsewhere herein, notices and other
communications required or permitted to be given hereunder will be effective
when in writing and delivered by hand, mail, recognized overnight courier or
telecopier, addressed as follows or to such other addresses as shall be
specified by notice :

                (1)      If to the Issuer :
                         Sun Media Corporation
                         333 King Street East
                         Toronto (Ontario)  M5A 3X5

                         Attention : Vice President, Corporate Controller

                         Telecopier Number : (416) 947-3119

                (2)      If to the Holder :
                         Quebecor Media inc.
                         612 St-Jacques Street
                         Montreal (Quebec)  H3C 4M8

                         Attention : Senior Vice President, Legal Affairs and
                                     Secretary

                         Telecopier Number : (514) 985-8834

(b) GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the Province of Quebec and the laws of Canada
applicable therein.

(c) SUCCESSORS AND ASSIGNS. The respective rights and obligations of the Issuer
and of the Holder hereunder shall be binding upon and inure to the benefit of
their respective successors and assigns, PROVIDED THAT the Holder hereunder

                                      -4-

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may only assign the totality of the unpaid balance of the Face Amount hereof at
the time of an assignment.

     Without restricting the foregoing, the Issuer and the Holder acknowledge
and agree that the Cancap shall be binding upon, and be an obligation of, any
corporation with which the Issuer may amalgamate.

(d) SEVERABILITY. Any provision of the Cancap that is held invalid, illegal or
unenforceable in any jurisdiction shall not affect the validity, legality or
enforceability of the other provisions of the Cancap in such jurisdiction or any
provision of the Cancap in any other jurisdiction. The Issuer and the Holder
shall endeavour in good-faith negotiations to replace any invalid, illegal or
unenforceable provisions with valid, legal and enforceable provisions, as the
case may be, the economic effect of which shall, taken together with the other
provisions of the Cancap, come as close as possible to the economic effects the
parties intended by the Cancap and the transactions contemplated thereby.

(e) COUNTERPARTS. The Cancap and any instrument or other document executed in
connection therewith may be executed in any number of counterparts, each of
which shall be original but all of which together shall constitute one (1)
instrument or other document, as the case may be.

(f) LOSS. In the event the Cancap is misplaced, lost or stolen, the Issuer shall
upon demand, issue and deliver, without cost, to the Holder a new Cancap
identical to this one, as replacement thereof.

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized
representative to execute this Agreement as of the date first written above.

ISSUER

SUN MEDIA CORPORATION

By:  /s/  Mark D'Souza
     --------------------------------------------
     Name : Mark D'Souza
     Title: Vice President and Treasurer

HOLDER

QUEBECOR MEDIA INC.

By:  /s/  Mark D'Souza
     --------------------------------------------
     Name : Mark D'Souza
     Title: Vice President and Treasurer

                                      -5-<Page>

                                                                     EXHIBIT 4.5

SECOND AMENDING AGREEMENT to the Credit Agreement dated as of February 7, 2003,
as amended by a First Amending Agreement dated December 2, 2003, entered into in
Toronto, Ontario, as of October 12, 2004.

AMONG:                     SUN MEDIA CORPORATION, a corporation continued and
                           existing under the laws of British Columbia, Canada,
                           having its chief executive office at 333 King Street
                           East, in the City of Toronto, Province of Ontario
                           (hereinafter called the "BORROWER")

                           PARTY OF THE FIRST PART

AND:                       THE FINANCIAL INSTITUTIONS NAMED ON THE SIGNATURE
                           PAGES HEREOF OR FROM TIME TO TIME PARTIES TO THE
                           CREDIT AGREEMENT (the "LENDERS")

                           PARTIES OF THE SECOND PART

AND:                       BANK OF AMERICA, N. A., AS ADMINISTRATIVE AGENT
                           FOR THE LENDERS, a duly constituted bank, having a
                           place of business at 1455 Market Street, 5th floor,
                           in the City of San Francisco, California, 94103, and
                           at 200 Front Street West, Suite 2700, Toronto,
                           Ontario, M5V 3L2 (hereinafter called the
                           "ADMINISTRATIVE AGENT")

                           PARTY OF THE THIRD PART

         WHEREAS the parties hereto are parties to a Credit Agreement dated as
of February 7, 2003, as amended by a First Amending Agreement dated December 2,
2003 (as amended, the "CREDIT AGREEMENT");

         WHEREAS the Borrower has requested a reduction in the Applicable Margin
for Term Facility B;

         WHEREAS the Administrative Agent has requested same technical
amendments to the definition of "LIBOR" and Section 12.04, and to add a new
Section 12.20 to the Credit Agreement; and

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                                     -2-

         WHEREAS the Lenders have agreed with the Borrower to the aforesaid
reduction and technical amendments, and as such, the Lenders have complied with
the provisions of Section 12.01 of the Credit Agreement, as evidenced by the
signature of each Lender on this Agreement;

NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:

I.       INTERPRETATION

1.       This Second Amending Agreement is declared to be supplemental to the
Credit Agreement and is to form part thereof and shall have the same effect
as though incorporated therein. The words and expressions starting by an
upper case letter used herein, unless otherwise defined herein or unless
there is something in the subject or the context inconsistent therewith, have
the same meaning as that ascribed to them in the Credit Agreement and all of
the provisions of the Credit Agreement, except only insofar as they may be
inconsistent with the express provisions hereof, shall apply to and shall
have effect in connection with this Second Amending Agreement.

2.       Except as otherwise expressly amended hereby, the Credit Agreement
remains unamended and in full force and effect.

3.       The preamble of this Second Amending Agreement shall form an
integral part hereof as if at length recited herein.

4.       The division of this Second Amending Agreement into articles,
sections, subsections, paragraphs and subparagraphs and the insertion of
titles are only meant to be for reference and do not affect the meaning or
the interpretation of this Second Amending Agreement.

5.       This Second Amending Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
separate counterparts shall together constitute but one and the same
instrument.

6.       This Second Amending Agreement and the interpretation and
enforcement thereof shall be governed by and construed in accordance with the
laws of the Province of Ontario.

7.       This Second Amending Agreement shall become effective on October 12,
2004.

II.      AMENDMENTS

1.       Section 2.05 (5) is amended by adding a new paragraph at the end of
such Section, as

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follows: "The Borrower shall pay a premium equal to 1% of the then aggregate
outstanding principal amount of Term Loan B in respect of any reduction in
pricing of Term Facility B, if such pricing reduction occurs on or before
October 12, 2005".

2.       Schedule 4 of the Credit Agreement is hereby amended by changing the
margin applicable to Libor Advances under Term Facility B from 2.25% to 2.00%
and the margin applicable to US Prime Rate Advances under Term Facility B
from 1.25% to 1.00%, and by deleting the last paragraph of such schedule and
replacing it by the following: "It is understood and agreed by the parties
hereto that during any period in which the Borrower has obtained and
maintained a senior, secured credit rating from Moody's of at least Ba1 (with
a stable outlook), such margins shall be further reduced to 1.75% with
respect to Libor Advances and 0.75% in respect of U.S. Prime Rate Advances
under Term Facility B".

3.       Paragraph (a) of the definition of "LIBOR" is hereby amended by
deleting the words "appears on the page of the Telerate screen" and replacing
them by the words "is quoted on Libor01 Page of Reuters".

4.       The Administration Agent's address referred to in item (II) of
Section 12.04 and immediately under its signature line is hereby deleted and
replaced by the following: 1455 Market Street, 5th floor, San Francisco,
California, 94103, Attention: SuzieAnna Wan, Assistant Vice-President,
Telephone: (415) 436-2772, Fax: (415) 503-5015, E-mail:
suzieanna.wan@bankofamerica.com".

5.       A new Section 12.20 is added to the Credit Agreement as follows:
         "SECTION 12.20. USA PATRIOT ACT. Each Lender that is subject to the Act
         (as hereinafter defined) and the Administrative Agent (for itself and
         not on behalf of any Lender) hereby notifies the Borrower that pursuant
         to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
         (signed into law October 26, 2001)) (the "Act"), it is required to
         obtain, verify and record information that identifies the Borrower,
         which information includes the name and addresses of the Borrower and
         other information that will allow such Lender or the Administrative
         Agent, as applicable, to identify the Borrower in accordance with the
         Act."

III.     MISCELLANEOUS

1.       The Borrower hereby represents and warrants to each Lender that no
Default has occurred which is continuing, no Event of Default has occurred
which has not been waived and that it will be in compliance with the
financial covenants set forth in section 8.03 of the Credit Agreement.

2.       All of the provisions of the Credit Agreement which are not amended
hereby remain in full force and effect.

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                                     -4-

3.       The Borrower shall pay upon demand all reasonable professional fees
and disbursements incurred from time to time by the Administrative Agent in
connection with the negotiation, preparation and delivery of this Second
Amending Agreement and all other documents accessory hereto as well as any
amendments to be made to any of the foregoing at any time and from time to
time.

4.       This Second Amending Agreement replaces and supersedes all other
verbal or written agreements among the Administrative Agent, the Lenders or
anyone thereof and the Borrower relating to the amendments to the Credit
Agreement contemplated herein or any other issues accessory to the
transactions contemplated by this Second Amending Agreement.

5.       The parties acknowledge that they have required that the present
agreement, as well as all documents, notices and legal proceedings entered
into, given or instituted pursuant hereto or relating directly or indirectly
hereto be drawn up in English. Les parties reconnaissent avoir exige la
redaction en anglais de la presente convention ainsi que de tous documents
executes, avis donnes et procedures judiciaires intentees, directement ou
indirectement, relativement ou a la suite de la presente convention.

                         [REMAINDER OF PAGE LEFT BLANK]

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                                     -5-

      IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE
DATE AND AT THE PLACE FIRST HEREINABOVE MENTIONED.

SUN MEDIA CORPORATION                    BANK OF AMERICA, N.A.,
                                         AS ADMINISTRATIVE AGENT

Per:  /s/ Mark D'Souza                   Per:  /s/ Annie Cuenco, Assistant VP
      --------------------------               ------------------------------
      Authorized Signing Officer               Authorized Signing Officer

Per:  /s/ Jacques Mallette
      --------------------------
      Authorized Signing Officer

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                                     -6-

[Lender]
         ---------------------------------------------

         Per:
              ----------------------------------------
                    Authorized Signing Officer

         Per:
              ----------------------------------------
                    Authorized Signing Officer

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                                     -7-

The undersigned acknowledge having taken cognizance of the provisions of the
foregoing Second Amending Agreement and agree that the Credit Documents executed
by them (A) remain enforceable against them in accordance with their terms, and
(B) continue to guarantee or secure, as applicable, all of the obligations of
the Persons specified in such Credit Documents in connection with the Credit
Agreement, as amended by this Second Amending Agreement:

<Table>
<Caption>
BOWES PUBLISHERS LIMITED                                    SUN MEDIA (TORONTO) CORPORATION
<S>                                                         <C>

Per: /s/ Mark D'Souza  /s/ Jacques Mallette                 Per: /s/ Mark D'Souza  /s/ Jacques Mallette
     ------------------------------------------------            ------------------------------------------------

SMC NOMINEECO INC.                                          3661458 CANADA INC.

Per: /s/ Mark D'Souza  /s/ Jacques Mallette                 Per: /s/ Mark D'Souza   /s/ Jacques Mallette
     ------------------------------------------------            ------------------------------------------------

3351611 CANADA INC.

Per:  /s/ Mark D'Souza   /s/ Jacques Mallette
     ------------------------------------------------
</Table>

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