Sale of CHUM Limited To Bell Globemedia
In 2006, following the death of longtime chairman Allan Waters, CHUM Limited decided to shut down operations and sell its broadcasting assets to a willing bidder. Bell Globemedia (now CTVglobemedia) announced a $1.7 billion takeover offer in July of that year.
Bell Globemedia initially intended to retain CHUM's popular Citytv-branded stations and its numerous specialty channels, selling off the smaller-market A-Channel stations along with several specialty channels to a willing bidder. Rogers Communications originally bid on the A-Channel stations; Brandon, Manitoba's CKX-TV; Alberta educational station Access; SexTV; and Canadian Learning Television. However, CTV's plans were denied by the Canadian Radio-television and Telecommunications Commission (CRTC), as all five Citytv stations are based in markets where CTV already has owned-and-operated (O&O) stations, and so CTV's retention of Citytv would have exceeded the CRTC's concentration of media ownership limits. CTV was, however, allowed to retain control of the A-Channel stations and all of CHUM's specialty channels.
Soon afterwards, Rogers placed a new bid to purchase the Citytv system as a complement to its own Omni Television, a system of multicultural-themed stations.
Read more about this topic: 2007 Canada Broadcast TV Realignment
Famous quotes containing the words sale of, sale, limited and/or bell:
“[T]he dignity of parliament it seems can brook no opposition to it’s power. Strange that a set of men who have made sale of their virtue to the minister should yet talk of retaining dignity!”
—Thomas Jefferson (1743–1826)
“[T]he dignity of parliament it seems can brook no opposition to it’s power. Strange that a set of men who have made sale of their virtue to the minister should yet talk of retaining dignity!”
—Thomas Jefferson (1743–1826)
“The progress from an absolute to a limited monarchy, from a limited monarchy to a democracy, is a progress toward a true respect for the individual.”
—Henry David Thoreau (1817–1862)
“Its quick silver bell beating, beating
And down the dark one ruby flare
Pulsing out red light like an artery,”
—Karl Shapiro (b. 1913)