BCE buys CTV television network for $1.3-billion
Posted September 10, 2010 11:34 am.
This article is more than 5 years old.
MONTREAL. Que. – Bell Canada’s parent company is buying up the rest of the CTV television network it doesn’t already own for $1.3-billion.
The deal splits up the assets of CTVglobemedia, which also holds the Globe and Mail newspaper.
BCE’s chief executive George Cope said the purchase is part of a plan to broaden the media corporation’s content assets, which it will use across its Bell mobile, online and TV services.
Ownership of the Globe and Mail will go to the Thomson family’s Woodbridge Company Ltd., but BCE will keep a 15 per cent stake in the paper.
The Ontario Teachers Pension Plan and Toronto Star owner Torstar Corp. will shed their holdings in CTVglobemedia.
Adding in debt held by CTV, the full value of the deal is $3.2-billion.
