TVA buys Toronto 1 Articles / SunTV Posted by RAD on Aug 20, 2004 - 07:34 PM CHUM Limited announced today that it has entered into a definitive agreement with TVA Group Inc. and Sun Media Corporation, both subsidiaries of Quebecor Media Inc., for the sale of Toronto television station, Toronto 1. CHUM Limited committed to the divestiture of Toronto 1 as part of its purchase of Craig Media Inc., as announced on April 12, 2004. Both CHUM's purchase of Craig Media Inc. and the sale of Toronto 1 are subject to Canadian Radio-television and Telecommunications Commission (CRTC) and other approvals and closing conditions customary for this type of transaction. TVA Group Inc. and Sun Media Corporation have agreed to file an application for the transfer of ownership and control of Toronto 1 with the CRTC by September 2, 2004. "We are extremely pleased with the both the value and the timing of this transaction," said Jay Switzer, President and CEO, CHUM Limited. "This is an important step to completing our purchase of Craig Media Inc. and the fulfillment of CHUM's goals to expand our audiences across the country." The purchase consideration for the sale of Toronto 1 is $46 million on a debt free basis. This includes CHUM Limited obtaining Sun Media's 29.9% ownership interest in southern Ontario cable news channel ablePulse24 (CP24), valued at $8 million. CHUM currently owns a 70.1% majority interest in CP24. CHUM Limited is being advised by TD Securities on the transaction. This article is from CHANNEL CANADA   http://channelcanada.com/ The URL for this story is:   http://channelcanada.com/modules.php?op=modload&name=News&file=article&sid=536