Rogers to purchase Citytv
By Adnews Staff
Rogers Media has reached an agreement with CTVglobemedia by which its subsidiary Rogers Broadcasting will acquire five Citytv television stations. These stations were previously owned by CHUM, which CTVglobemedia is in the process of acquiring. Last week the CRTC approved the takeover with the condition that the Citytv stations be divested. The stations are currently under the control of a trustee. They include the Citytv operations in Toronto, Winnipeg, Edmonton, Calgary and Vancouver. Under this agreement, CTVglobemedia will retain CHUM’s A-Channel group of stations. “The acquisition of the Citytv stations will significantly expand our television operations and solidify our position as an important participant in the Canadian television industry,” said Rael Merson, president of Rogers Broadcasting. “It gives Rogers an instant and significant television presence in the largest markets in the country and is a natural complement to our existing television broadcasting and specialty assets.” The cash transaction is valued at approximately $375 million. The deal is expected to close in late 2007.