Quebecor's First Quarter Earnings per Share Up 16Percent -- Pierre Karl Peladeau Assumes CEO...

MONTREAL--(BUSINESS WIRE)--April 29, 1999--

Quebecor Inc. (ME:QBR.B.)(TSE:QBR.B.) announced today, for the first quarter ended March 31, 1999, net income of $23.8 million, an increase from $21.2 million in 1998.

Earnings per share for the quarter increased 16 percent to $0.37 from

These results were announced today by Mr. Jean Neveu, President and Chief Executive Officer, during the Company's Annual Shareholders' meeting. "1998 was a year where, faithful to the credo of Pierre Peladeau, we worked hard to surpass our achievements of previous years," he said. "We became the second largest newspaper publisher in Canada in early 1999 with the acquisition of Sun Media, we expanded our global printing operations from 11 to 14 countries and we became the second largest newsprint producer in the US, and the third largest in North America."

Mr. Pierre Karl Peladeau, incoming President and Chief Executive Officer added, "1999 will see our different businesses working more closely together to allow us to offer our customers the integrated benefits of our publishing, printing, on-line and broadcasting services."

For the first quarter Quebecor Printing's net income rose 20 percent over the same period last year. Operating income rose 12 percent for the period. Subsequent to the quarter, the Company made two acquisitions, one in Spain and one in Argentina, further expanding its global network of print facilities.

Donohue Inc. had an increase of 31 percent in sales in the first quarter 1999 compared to the same period in 1998. The increase is due to the contribution of the two Texas-based mills acquired in 1998. Donohue's position as a low-cost producer allowed the Company to maintain profitability despite challenging market conditions that included a drop in newsprint and market pulp prices.

Revenues at Quebecor Communications for the first quarter 1999 almost doubled to $235 million largely as a result of the acquisition of Sun Media which was completed on January 7, 1999. Operating income also rose accordingly to $13.3 million.

In addition to the appointment of Pierre Karl Peladeau as Quebecor's new President and Chief Executive Officer, the annual meeting also saw the appointment of Mr. Jean Neveu as Chairman of the Board of Quebecor in addition to his post as Chairman of the Board of Quebecor Printing. Mr. Erik Peladeau assumes the position of Vice-Chairman of the Board of Quebecor in addition to his duties as Chairman of the Board of Quebecor Communications. Mr. Charles- Albert Poissant, who retires from the position of Chairman of the Board of Quebecor, remains the Chairman of the Board of Donohue.

The Board of Directors of Quebecor Inc. declared a dividend of CDN $0.12 per share on the Class A Multiple Voting Shares and the Class B Subordinate Voting Shares, payable on June 11, 1999 to shareholders of record at the close of business on May 17, 1999.

The first winners of the Bourses Pierre-Peladeau were announced at the end of the Annual Shareholders' meeting. A total of $50,000 was awarded to the founders of three new businesses. The annual award program was created in memory of Quebecor founder Pierre Peladeau to encourage the creation of Quebec-based small businesses. Applicants come from Quebec universities and winners are chosen by a panel made up of the chief executives of some of the province's most important companies.

Quebecor Inc. is a communications holding company with revenues of over $8 billion. With business activities spread throughout North America, Europe, South America and Asia, the Company operates in five main sectors. The Company has publishing (including distribution and retail), broadcasting and multimedia activities through its wholly-owned subsidiary Quebecor Communications Inc., including the second largest newspaper chain in Canada, Sun Media. Through its subsidiary Quebecor Printing Inc., it ranks as the largest commercial printer in Canada and South America and one of the largest in the United States and Europe. Through its subsidiary Donohue Inc., it is a major integrated forest products company engaged in forest management to ensure its fiber supply, and in the manufacture and sale of newsprint, specialty papers, market pulp and wood products. Quebecor employs more than 43,000 people in 14 countries.

The Class A Multiple Voting Shares of Quebecor Inc. are listed on the Montreal and Toronto stock exchanges under the ticker symbol QBR.A. Its Class B Subordinate Voting Shares are listed on the Montreal and Toronto stock exchanges under the ticker symbol QBR.B. -0-

                    Consolidated Financial Data
               Periods of three months ended March 31
          (in millions of dollars except per share data)

                              1999          1998    Increase
_______________________________________________________________

REVENUES                  $2,176.8      $1,817.1   19.8 percent

OPERATING INCOME
 BEFORE HEAD OFFICE
 AND FINANCIAL
 EXPENSES                   $199.3        $168.2   18.5 percent

NET INCOME                   $23.8         $21.2   12.3 percent

EARNINGS PER SHARE           $0.37         $0.32   15.6 percent