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CTVglobemedia accepts CRTC's decision, buys CHUM for C$1.4 billion; keeps A-Channel, sells Citytv to Rogers

- How in the HELL can Rogers-- who owns CFMT-TV47 Toronto (Omni1)--
own Citytv Toronto? Furthermore, their Omni netlet of local stations
are also in Vancouver and Winnipeg where Citytv stations exist? Same
thing as CTVgm wanting what the CRTC wouldn't let them have. Because
Omni is multi-cultural, it's exempt?

- I hope CTVgm changes the GOD AWFUL name of A-Channel to something
better. I think even CTV2 would be better (you know... how there's
BBC1, BBC2, BBC3, etc.).

-------

Posted: Mon., Jun. 11, 2007, 9:17pm PT

CTVglobemedia to take over Chum
CRTC rules price of sale at C$1.4 billion


By BRENDAN KELLYAfter three days of uncertainty, Canuck broadcaster
CTVglobemedia announced Monday night that it will accept the decision
by Canada's broadcast regulator last Friday to allow it to take over
rival broadcaster Chum, agreeing to sell off Chum's five City-tv
stations to Rogers Broadcasting for $252 million as a condition of the
deal.
The Canadian Radio-Television and Telecommunications Commission (CRTC)
had ruled that CTVglobemedia could acquire Chum for C$1.4 billion
($1.3 billion) but that CTVglobemedia would have to sell off Chum's
five City-tv stations, considered to be the main reason CTVglobemedia
wanted to acquire Chum in the first place.

CTVglobemedia CEO Ivan Fecan announced Monday that his company will
buy Chum even if it can't have the City-tv channels.

"We are embracing this decision," said Fecan. "The people of CHUM
Limited have been in limbo for almost a year and it is in everyone's
best interest to move forward and build a stronger company from the
combination of CTV and CHUM.

CTVglobemedia will keep the A-Channels, which had been set to be
acquired by Rogers Media, per an earlier deal. But the deal to sell
the seven A-Channels to Rogers was predicated on the notion that the
CRTC would not enforce any significant conditions on the deal for
CTVglobemedia to acquire Chum. The Rogers deal fell apart Friday when
the CRTC ruled that CTVglobemedia would have to sell the City-tv
stations.

CTVglobemedia also announced that the previously announced sale of
CHUM's interest in specialty stations MusiquePlus and MusiMax to
Astral Media will also go forward.

CTVglobemedia will retain all other CHUM assets with the possible
exceptions of specialty channel Canadian Learning Television and CBC
affiliate CKX-TV. CTVglobemedia said it will announce its intentions
for these stations in the next few days.

Deal to sell the five City-tv stations to Rogers is subject to CRTC
and Competition Bureau approval. That deal replaces a previously
announced agreement in which CTVglobemedia had agreed to sell the A-
Channel stations and certain specialty channels to Rogers Media.
Rogers is one of Canada's leading cable operators.

The five City-tv stations are in Toronto, Vancouver, Winnipeg,
Edmonton and Calgary.

"The acquisition of the Citytv stations will significantly expand our
television operations and solidify our position as an important
participant in the Canadian television industry," said Rael Merson,
president of Rogers Broadcasting. "It gives Rogers an instant and
significant television presence in the largest markets in the
country."

Pact essentially gives Rogers the third private broadcast network in
Canada after CTV and CanWest.

"Rogers came in with a very strong offer on a pre-emptive basis, which
will see the City-tv stations in a fine home in a timely manner," said
Fecan. "This outcome is good for both the businesses and the stations'
employees. We know Rogers to be skilled operators of television assets
and believe they will be good stewards of these important urban
brands."

http://www.variety.com/article/VR1117966728.html?categoryid&cs=1

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