CRTC Says Yes To CTVglobemedia Purchase Of CHUM
June 8, 2007 at 8:33 AM (PT)
The CANADIAN broadcast regulator CRTC has approved CTVGLOBEMEDIA's $1.4 billion purchase of CHUM LTD. on the condition CANADA's largest private TV network must sell five CITYTV stations.
The CRTC said in its judgment that it approves CTVGLOBEMEDIA's application to acquire control of CHUM under the condition that it sell CKVU-TV/VANCOUVER; CKAL-TV/CALGARY; CKEM-TV/EDMONTON, CHMI-TV/PORTAGE LA PRAIRE/WINNIPEG; and CITY-TV and CITY-DT/TORONTO. As a consequence of this decision, CTVgm will be able to acquire 34 radio stations, seven television stations and, in whole or in part, 20 specialty television services.
CTVGLOBEMEDIA agreed in APRIL to sell the A-Channel network and several other stations to ROGERS COMMUNICATIONS INC. for $137.5 million.
The deal, however, depended on CRTC's approval of the CHUM takeover.