CHUM ENTERS DEFINITE AGREEMENT TO SELL TORONTO 1
By Adnews Staff
CHUM Limited of Toronto has entered into a definite agreement with TVA Group and Sun Media, both owned by Quebecor Media, to sell television station Toronto 1. The sale is a requirement of the deal CHUM made to buy Craig Media in April. The price of the station was $46 million, including Sun Media's 29.9% stake in CablePulse24, valued at $8 million. As a result, CHUM will own 70.1% of CablePulse24. "We are extremely pleased with both the value and the timing of this transaction," said CHUM president Jay Switzer. "This is an important step to completing our purchase of Craig Media." The deal is still subject to approval from the CRTC.
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