TORONTO – Except for the five Citytv stations going to Rogers Communications, CTVglobemedia said Friday afternoon that it has closed the transaction for CHUM Limited, having satisfied all of the
conditions for approval as set out in the June 8th CRTC decision.
CTVgm CEO Ivan Fecan held a town hall-style meeting today to address employee concerns and allay fears, telling employees that changes will be minimal but that the A Channels will likely be rebranded.
Also this week, CHUM CEO Jay Switzer announced he is stepping down.
All of the assets of CHUM Limited have now been released from the voting trust agreement with lawyer John McKellar, with the exception of the five Citytv stations which will remain in trust with him pending regulatory approval of their sale to Rogers Broadcasting Limited. As previously announced CTVgm will proceed with the sale to Astral Media of CHUM Limited’s 50% interest in MusiquePlus and MusiMax.
CHUM Limited assets acquired include 34 radio stations, the A-Channel Network of six local stations, CKX Brandon, and 19 specialty stations including MuchMusic, Bravo!, Space, CP24 and CLT.
