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| Headline Media Group sells PrideVision to Bill Craig |
| Posted
on Tuesday, December 09, 2003 - 05:31 AM |
Headline Media Group Inc. ("HMG") today announced that it has entered into an agreement to sell the Canadian operations of its PrideVision TV subsidiary to a company controlled by Bill Craig for
$2.6 million, including the assumption of certain liabilities related to PrideVision TV currently valued at approximately $1.1 million.
As part of the transaction, HMG will retain the rights to develop PrideVision TV outside of Canada, and a 10% interest in PrideVision TV's Canadian operations. The transaction is subject to approval by the Canadian Radio-television and
Telecommunications Commission.
HMG launched PrideVision TV nationwide across Canada in September 2001. "PrideVision TV is symbolic of Canada's global leadership in the promotion of diversity, and we are extremely proud of the role that HMG has played in the launch and development of the world's first 24/7 gay, lesbian, bisexual and transgender ("GLBT") television network," stated John Levy, HMG's Chairman and Chief Executive Officer. "Through this transaction with Bill Craig, we believe that PrideVision TV will be able to continue to grow, both domestically and abroad."
"I believe that there is a real opportunity for PrideVision TV in Canada," stated Bill Craig. "The GLBT community needs and deserves this channel."
"For HMG, this is the latest in a series of transactions which improves our financial position," said Patrick Michaud, HMG's Chief Financial Officer.
"It provides us with additional cash, and allows us to restructure and reduce our credit facility, thereby decreasing our interest costs." "Moving forward, HMG is well positioned to further develop and expand its core broadcasting asset, The Score," added Levy. "HMG will also pursue the significant potential that we believe exists internationally for PrideVision TV."
About Headline Media Group Inc.
Headline Media Group Inc. (TSX: HMG) is a media company focused on the specialty television sector through its main asset, The Score Television
Network ("The Score"). The Score is a national specialty television service providing sports, news, information, highlights and live event programming, available across Canada in over 5.3 million homes. HMG also owns PrideVision TV, the world's first 24/7 GLBT television network, and The St. Clair Group, a Canadian sports marketing and specialty publishing company.
About Bill Craig
Mr. Craig is a seasoned broadcast executive with extensive experience in Canadian and U.S. broadcasting. Mr. Craig's experience includes various programming posts at the CBC, TV Ontario, and Rogers Cable. In the early 1970's, Mr. Craig served as a senior policy analyst at the CRTC, and assisted in the creation of Canada's initial cable television policy and regulations.
Following his tenure at the CRTC, Mr. Craig managed the acquisition of several U.S. cable franchises for Rogers Cable, and was responsible for building regional sports networks in Minnesota, Cleveland, and Pittsburgh. Mr. Craig resides in Toronto, Ontario.
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