Znaimer Buys Back Into TV
June 15, 2009 at 5:26 PM (PT)
MOSES ZNAIMER's return to television ownership has radio ramifications as well, as his Classical CFMZ (THEW NEW CLASSICAL 96.3)/TORONTO and CFMX (CLASSICAL 103)/COBOURG, ON and Adult Standards CFZM-A (ZOOMER RADIO AM 740)/TORONTO will be transferred from MZ MEDIA, INC. to ZOOMERMEDIA LTD. The transfer is part of a financing deal with FAIRFAX FINANCIAL HOLDINGS that will end up with ZNAIMER holding 66% of ZOOMERMEDIA and FAIRFAX holding 28% (176 million common shares, purchased at 10 cents per share).
ZOOMERMEDIA is buying Religion-Secular independent hybrid TV stations CHNU-TV (JOYTV 10)/FRASER VALLEY, BC (and its VANCOUVER transmitter CHNU-TV-1) and CIIT-TV (JOYTV 11)/WINNIPEG and cable Religion network VISIONTV from TORONTO-based nonprofit S-VOX for C$25 million in cash and stock. The deal also includes S-VOX's VISIONTV DIGITAL INC., which owns 47.2% of ONE: THE BODY MIND AND SPIRIT CHANNEL, with the rest owned by CANWEST GLOBAL, RENEWAL PARTNERS, and RADIO-NORD.
ZNAIMER's media empire started with the launch of groundbreaking independent CITY-TV/TORONTO in 1972; he sold the company to CHUM LTD. in 1981 and became VP at the company, overseeing the TV station and cable channels MUCHMUSIC, MUSIQUEPLUS, BRAVO!, SPACE, CP24, and several others, resigning in 2003. He returned to radio in 2006 with the purchase of CFMX.