Rogers Buys City-TV Stations As CTV-CHUM Deal Proceeds
June 12, 2007 at 5:46 AM (PT)
ROGERS BROADCASTING swoops in and buys the CITY-TV stations the CRTC ordered CTVGLOBEMEDIA to spin off in order to buy CHUM LTD. ROGERS is paying C$375 million for the five stations -- CITY-TV and CITY-DT/TORONTO; CKVU-TV/VANCOUVER; CKAL-TV/CALGARY; CKEM-TV/EDMONTON; and CHMI-TV/PORTAGE LA PRAIRE-WINNIPEG -- all using the CITY-TV brand originated at the legendary TORONTO independent. ROGERS previously announced it was buying CHUM's A-CHANNEL stations across ONTARIO and in VICTORIA, BC, but that C$137.5 million deal was cancelled when the CRTC approval of the CTVGM-CHUM deal ordered the spinoff of the CITY-TV stations.
"The acquisition of the CITY-TV stations will significantly expand our television operations and solidify our position as an important participant in the Canadian television industry," said ROGERS BROADCASTING President RAEL MERSON. "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."
CTVGM Pres./CEO IVAN FECAN added that ROGERS approached his company with a "very strong offer on a pre-emptive basis."