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Media

La Presse closes in on employee deal

Montreal La Presse said in a statement Friday it had reached a tentative deal with editorial and office employees. The 125-year-old newspaper had threatened to shut it doors on Dec. 1 without concessions from its workers, but now appears to have settled with seven unions. Union officials said they had made a variety of concessions including ending their four-day work week and replacing it with a standard five-day week. There are also changes to insurance benefits, the retirement plan and the holiday schedule. La Presse employees will not see their salaries reduced. Workers are expected to vote on the agreement next week.

Media

Cosmos willing to go to $8.10 per share

QUEBEC CITY, Que. - Cossette Inc. (TSX:KOS) said Friday that hostile bidder Cosmos Capital Inc. is prepared to pay $8.10 per share, topping a friendly deal the advertising agency has signed with a U.S. private equity investor, depending on the outcome of a review of the company's books. The Quebec-based agency said Cosmos wrote in a private letter to its board that it was prepared to increase its offer price to $8.10, pending a review of the company's non-public information.

Communication

MDA signs $20M deal with Russians

VANCOUVER - MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) announced Friday that it has signed a satellite technology contract with the Russian Radio Research and Development Institute (NIIR) worth more than $200 million. Vancouver-based MacDonald, Dettwiler will provide what it described only as "two advanced technology solutions" for the Express AM5 and AM6 satellites between 2011 and 2012 to the branch of Russia's Ministry for Telecommunications and Mass Communications. The satellites, scheduled to launch in 2012, are designed to provide broadcasting services, including digital TV, radio, multimedia services and mobile communications. The satellites are owned and operated by the Russian Satellite Communications Company, the major Russian satellite operator, with a fleet of 11 communications and broadcasting satellites.

Food

Hershey may make bid for Cadbury

NEW YORK - Hershey Co. may make a US$17-billion bid for UK candy company Cadbury PLC, topping the recent $16.5-billion hostile offer by Kraft Foods Inc., the Wall Street Journal reports Friday. The bid wouldn't be ready for two weeks and the terms are in flux, the newspaper says people close to the matter have said. But the people said the charitable trust that controls the company and has complicated Hershey's merger efforts in the past is now prodding CEO David West to beat Kraft's offer, the Journal reports. The offer is expected to include at least $10 billion in cash from Hershey, plus $2 billion in new Hershey shares and another $3 billion to $5 billion in cash from investors in exchange for equity in Hershey.

Magazine

Playboy must expand brand, Hefner says

Playboy Enterprises Inc. needs to make strategic decisions to expand the men's magazine publisher in the coming decade, according to former CEO Christie Hefner. "The key is to make the moves that will make sure that the brand is bigger in 10 years than it is today," Hefner told Bloomberg Television today when asked whether Playboy should be sold to Iconix Brand Group Inc. Playboy has held talks with Iconix about a possible sale, two people close to the situation said this month. The Chicago-based company has been seeking a buyer since June when Scott Flanders was appointed CEO, a person close to the situation has said."Ideally, you want strategic partners that will leverage their expertise in the different lines of business that Playboy is in," said Hefner, 57, who is the daughter of Playboy founder Hugh Hefner. In a subsequent interview she declined to comment on whether Playboy was for sale or whether it had spoken with New York-based Iconix. Hefner was CEO from November 1988 until January of this year. Iconix is "very strong in the licensing space," said Hefner in the TV interview. "They're not a media company." Playboy added 13 cents, or 3.5 percent, to $3.84 at 4:03 p.m. in New York Stock Exchange composite trading. The shares have gained 78 percent this year.