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| CHUM To Rebrand MTV Canada and MTV2 |
| Posted
on Tuesday, May 10, 2005 - 09:37 AM |
CHUM Limited today announced that MTV Networks International has decided to exercise its right to terminate its agreement with Craig Media Inc. The channels currently known as MTV Canada, a youth culture channel, and MTV2, a music video channel, will be rebranded effective June 30, 2005
Details, including the names of the channels and program titles, will be unveiled in the weeks to come.
MTV Canada and MTV2 were among the channels CHUM acquired in its purchase of Craig Media Inc. on December 1, 2004. Under the terms of its original joint venture and licensing agreements with Craig Media, MTV Networks International had the right to terminate such agreements upon a change of control in the entity that owned and operated MTV Canada and MTV2.
As a result of such termination, CHUM will be required to pay to MTV Networks the licence fees remaining under the terms of the agreement, the sum of which was included within CHUM's assessment of the value of Craig Media's assets. These fees total approximately C$10 million. In addition, MTV Networks International will no longer have the option to acquire an equity interest in the channels.
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