CRTC OKs BCE Purchase Of CTVglobemedia
March 8, 2011 at 5:11 AM (PT)
The CRTC has approved the acquisition of CTVGLOBEMEDIA INC. by BCE INC. for C$3.2 billion, but conditioned the deal on BCE spending C$245 million over the next seven years on various initiatives, including C$17.5 million on Canadian talent development as well as C$100 million to commission independently-produced programs promoting Canadian culture.
The deal includes the 33-station CHUM RADIO group and the MUCH MUSIC and MTV CANADA cable channel groups as well as the CTV television network and its owned-and-operated stations and several cable networks. The radio portion of the transaction was valued by PRICEWATERHOUSECOOPERS as C$318 million.
After the approval was announced, BCE announced that it will combine all of its media properties under the BELL MEDIA name, retiring the CTVGLOBEMEDIA name.