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11-20-2004, 09:46 AM
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Join Date: Apr 20, 2003
Location: Canmore, Alberta
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CRTC Aproves CHUM's Takeover of MTV and TV Land Canada
CRTC Aproves CHUM's Takeover of Craig Media's (MTV and TV Land Canada) Networks
Friday November 19, 2004  The CRTC today cleared the way for CHUM Ltd. to acquire Craig Media and shift the Toronto 1 station to Quebecor Inc. CHUM agreed last spring to buy Craig Media for $265 million in cash. The deal included Craig television stations in Toronto, Edmonton, Calgary and Winnipeg, along with the MTV, MTV2, and TV Land digital specialty television channels. It then agreed to sell Craig's money-losing Toronto 1 station to two Quebecor divisions, TVA and Sun Media, for $46 million. As part of the deal, CHUM will get Sun Media's 29.9 per cent stake in southern Ontario cable news channel CablePulse24 (CP24) valued at $8 million. In endorsing the $46 million purchase of Toronto 1, the commission noted that Quebecor's TVA Group and Sun Media have promised to fulfill Toronto 1's ambitious local-programming licence conditions. CHUM told the commission that CHUM ownership will enhance the Canadian content of former Craig stations because they will be able to pay more to local producers and getmore money from the Canadian Television Fund, set up to finance Canadian TV productions. It also promised to increase coverage of local news and other events by bringing the "street-front/store-front" style pioneered by CityTV to the former Criag stations. Both transactions are expected to close December 1, 2004. SOURCE: Channel Canada |
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