BCE OFFERS TO BUY CTV
By Adnews Staff
Canada's largest communications company Montreal-based BCE Inc. has announced an offer to buy Toronto-based television network CTV Inc. for $2.3 billion in cash or $38 a share. Jean Monty, president and CEO of BCE, explained in a release, owning CTV would enhance BCE's consumer strategy of providing its customers with integrated information, communications and entertainment services. He added, the greater access to original and distinct content BCE would gain through its ownership of CTV and continued relationships with other content partners would give its customers more connections to destinations such as its Sympatico-Lycos portal. CTV responded to BCE's offer by issuing a press release that said it had been advised of the take over bid. According to CTV, through its network operations its reaches 99% of English-speaking households. The company owns 25 stations, 18 of which are CTV affiliates, six are CBC affiliates and one is an independent station. CTV also owns a satellite television service in the Maritimes and several specialty channel holdings. A 68.46% interest in NetStar Communications is currently being held in trust pending regulatory approval. BCE's offer is subject to approval by the CRTC.