BCE, THOMSON AND WOODBRIDGE CREATE NEW MEDIA COMPANY
By Adnews Staff
Montreal-based communications company BCE Inc., Toronto-based e-information company The Thomson Corporation and Toronto-based holding company The Woodbridge Company Limited announced Friday the creation of a new media company to be based in Toronto. The $4 billion multi-media company will combine print, television and Internet properties. BCE will own 70.1% of the new venture and will bring the television network CTV, its interest in the Internet portal Sympatico-Lycos and its interest in Extend Media to the new company. Thomson will own 20% and will contribute The Globe and Mail newspaper and Globe Interactive properties as well as 50% of the specialty business channel ROBTV. Woodbridge, the holding company for the Thomson family, is contributing $385 million and will own the remaining 9.9%. CTV president and chief executive Ivan Fecan will be CEO of the new company and BCE chairman and chief executive Jean Monty will be chairman of the board. The deal is expected to be completed in the first quarter of 2001 and is subject to the CRTC's approval of BCE's acquisition of CTV.