BATON TO BUY ELECTROHOME TV UNIT
By Adnews Staff
Toronto-based Baton Broadcasting is buying the TV business of Electrohome Ltd. in a $117 million deal that will also give Baton controlling interest in the CTV Television Network. Under the deal Electrohome will end up with 23% of Baton. Electrohome will transfer its 14.3% interest in CTV to Baton. Together with Baton's 28.6 stake in CTV, the company will own 42.9% of CTV. The agreement is still subject to approval by the Canadian Radio-television and Telecommunications Commission. Electrohome chairman and CEO John Pollock and Baton vice-chairman and CEO Doug Bassett will become co-chairman of the company. Baton president Ivan Fecan becomes president and CEO. Electrohome president Bruce Cowie will be executive vice-president and chief operating officer. Currently Baton has 22 stations in Ontario, Saskatchewan and Alberta. If the deal is approved, it will have 24. The company will also have a controlling interest in two newly licenced specialty channels: The Comedy Network and Talk TV, as well as a stake in Outdoor Life.