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| Rogers Media to Acquire Citytv Stations from CTVglobemedia Inc. |
| Posted
on Monday, June 11, 2007 - 05:51 PM |
Rogers Media and CTVglobemedia Inc. ("CTVgm") today announced an agreement under which Rogers Broadcasting, a Rogers Media subsidiary, would acquire five Citytv conventional television stations from CTVglobemedia Inc.
These assets are currently under the control of Mr. John D. McKellar, C.M., Q.C., Trustee under a Voting Trust Agreement in respect of CHUM Limited. The transaction is subject to Canadian Radio-television and Telecommunications Commission ("CRTC") and Competition Bureau approval. This transaction is also subject to the satisfaction of the other conditions of approval for CTVglobemedia's acquisition of effective control of CHUM Limited as per the CRTC's June 8th, 2007 decision. CHUM Limited and Mr. John McKellar are also parties to this agreement.
This agreement replaces a previously announced agreement pursuant to which CTVglobemedia Inc. had agreed to sell the A-Channel stations and certain specialty channels to Rogers Media.
Citytv Toronto (CITY-TV), Citytv Winnipeg (CHMI-TV), Citytv Edmonton (CKEM-TV), Citytv Calgary (CKAL-TV) and Citytv Vancouver (CKVU-TV) are local, urban oriented stations known for their ties to the communities they serve.
"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, Rogers Broadcasting. "It gives Rogers an instant and significant television presence in the largest markets in the country and is a natural complement to our existing television broadcasting and specialty assets. The combination of our existing television properties with the Citytv stations gives us a formidable national television platform that will continue our proud tradition of service to local communities and our desire to contribute to the Canadian broadcasting system."
"Rogers came in with a very strong offer on a pre-emptive basis, which will see the Citytv stations in a fine home in a timely manner. This outcome is good for both the businesses and the stations' employees," said Ivan Fecan, CTVglobemedia Inc. President and Chief Executive Officer and CEO of CTV Inc. "We know Rogers to be skilled operators of television assets and believe they will be good stewards of these important urban brands."
The all cash transaction is valued at approximately $375 million and is expected to close late in 2007.
TD Securities advised CTVgm on this transaction.
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