BCE (CTV) to buy Chum

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Postby tuned » Wed Jul 12, 2006 9:07 am

After reading several reports that Rupert Murdoch (FOX) was interested in acquiring Chum, BCE has beat him to the punch. I guess after their failed IPO the Thompson family saw an opportunity and acted. This ia a good day for Canadian broadcasting because BCE has an excellent track record with the Globe and Mail and CTV. It's extremely bad news for Canwest/Global and might push them over the edge. I am glad the chickens have come home to roost for the braintrust as Chum. It is one of the worst managed broadcasting companies in Canada and I can only hope that BCE will clean out some of the arrogant, incompetents that infest every corner of the place. How long before Momma's boy walks the plank?
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Postby johnsykes » Wed Jul 12, 2006 9:37 am

You mean the once reveared CFUN may rise from the ashes of mediocrity?

I have nothing but respect for BCE too....Sportsnet in particular...even though it is a minor undertaking compared to other holdings. Certainly good news all around.
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Postby Mike Cleaver » Wed Jul 12, 2006 10:20 am

CHUM was the best-managed radio and television company when Alan Waters was at the helm.
It started falling apart when the "boys" took over.
When they ended up costing the company millions with debacles such as the TEAM and the multi-named internet portal, Mr. Waters kicked them upstairs and then the tv people took over.
I speak from a history of over 20 years with that company, two shifts at CHUM Toronto and one at CFRA in Ottawa.
It was a sad day when Mr. Waters gave his sons Jim and Ron control of Radio and TV respectively and an even sadder day when the TV suits assumed control of the entire company.
It was the best place I ever worked in Radio.
Saying that, now that I'm employed by BCE at CTV Vancouver, I think the rumour of a sale, if true, is probably the best move possible for the CHUM Group.
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Postby Aaron » Wed Jul 12, 2006 10:25 am

There aren't any big markets where TV won't be over ownership caps. BCE gets radio and Specialty TV, but the CityTv's and A-Channels would need to be spun-off.
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Postby tuned » Wed Jul 12, 2006 10:27 am

Not in every market. They will be able to hang onto a Victoria stick for example. Specialities is where all the action is anyhow. The clout that they will have with program suppliers will put them in a position to make things really miserable for Lenny and Squiggy. Yesterday Dominion Bond Rating Services downgraded Canwest and it looks like they are in some trouble. BCEs move isn't going to help.
DBRS issued the warning on Tuesday "due to weakness in more of the company's operating segments, which may lead to a breach in the company's financial covenants."
I think this move by BCE is ultimately going to force out the Aspers sooner rather than later. The Canwest management bench is very sparse and filled with sycophants and hangers on.
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Postby Mike Cleaver » Wed Jul 12, 2006 12:37 pm

It's all confirmed now.
Bell Globe Media gets CHUM for 1.7 Billion.
Staff cuts at CHUM TV stations underway.
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Postby Mike Cleaver » Wed Jul 12, 2006 12:41 pm

Here's the Bell Globemedia announcement:

Moments ago, we and CHUM announced that the Board of Directors and the controlling shareholders of CHUM Limited have agreed to support an offer to be acquired by Bell Globemedia.



This is a wonderful opportunity for both companies.



We were honoured to be approached by the Waters family to make an offer for their shares when they decided to sell controlling interest. I believe they recognized the great respect we have for CHUM?s brands, their history and the people who built them. We believe that Bell Globemedia is the most logical buyer and best possible home for CHUM, assuming, of course, regulatory approvals.



For Bell Globemedia, this deal means the addition of the legendary CHUM radio stations, complementary specialty channels and Citytv stations. CHUM operates two over-the-air national networks, Citytv and A-Channel, in large parts of the country while Bell Globemedia has the CTV network in every market. Therefore, we intend to divest the A-Channel stations and Access Alberta stations. These are good stations and we will work hard to find them new owners, who will also need regulatory approval. The combination of CTV and Citytv will give Bell Globemedia the same number of over-the-air networks as our principal competitor in most markets.



I have always believed that the value of media brands is in their uniqueness and diversity. So, naturally, we intend to maintain and strengthen the flavour and energy of CHUM?s brands. We will also keep the news divisions completely separate to ensure diverse voices and the journalistic competition that serves the public interest. Both news organizations will continue to do what they do best.



With the purchase of CHUM?s shares, the future holds exciting possibilities. But we still have several steps to complete this deal. Although the Waters family has agreed to sell their shares and the Board of CHUM is recommending that other shareholders do the same, we must finalize our offer to all shareholders. The offer is conditional on approval by the Competition Bureau. The CRTC must review and hopefully grant regulatory approval. During this period, the common shares that Bell Globemedia acquires will be held in trust.



Once completed, the combined companies of Bell Globemedia and CHUM will, I believe, result in a stronger national champion for quality private broadcasting.





Ivan Fecan

President and CEO, Bell Globemedia

CEO, CTV Inc.
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Postby tuned » Wed Jul 12, 2006 12:50 pm

According to NW about 75 casualties in Vancouver/Victoria. The ripples are just starting.
Who might pick up the A-Channels? Global is going to get squeezed big time.
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Postby tuned » Wed Jul 12, 2006 1:07 pm

City TV will be discontinuing local newscasts effective immediately and the Breakfast Show on A-Channel in Victoria has been nuked.
Here's the press release:
http://www.newswire.ca/en/releases/archive...6/12/c9578.html
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Postby Jack Bennest » Wed Jul 12, 2006 5:09 pm

Heritage Minister Bev Oda refused to comment on the merger and the layoffs, but her office issued at statement saying that "we are not saying we won't ever comment, but we are not commenting at this time."

(go to work Steve)






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anyone out there?

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What this town needs is five more tim hortons at the new Whitecaps stadium
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My thoughts are with the fallen, the laid off, the fired. (Been there done that)
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Postby johnsykes » Wed Jul 12, 2006 7:17 pm

I seem to recognise some names from CKNW days huh?

Anything happened at CFUN yet?
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Postby Stn Brk » Wed Jul 12, 2006 7:37 pm

During an interview on CTV tonight, Ivan Fecan said the plan was to sell off Victoria's A-Channel and keep CITY-TV in Vancouver. He said they would maintain separate news operations at each local station, CTV-9 and CITY. However, it could take up to a year for the powers in Ottawa to approve the deal.

From long and bitter experience, I would say the folks at CTV-9 should not make any major purchases until the dust settles.

My condolences to those let go today. Some good broadcasters lost their jobs and it will be hard to find new positions in the media. Change is not always bad. Getting turfed from a third rate tv station and forced to find a new path could be the best thing that ever happened to you!
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Postby Heard It On The X » Wed Jul 12, 2006 8:40 pm

johnsykes wrote: I seem to recognise some names from CKNW days huh?

Anything happened at CFUN yet?

With all due respect John, no-one gives a tinker's damn about C-FUN. Right now, the focus is on the fact there are 47 more news professionals in the Vancouver market without a job.
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Postby kat » Wed Jul 12, 2006 8:54 pm

While reading all the CHUM stuff, I am hearing Gordon Lightfoot's Black Day In July in my head.

It's an absolute crime that the CRTC let these bastards from Yonge Street get as big as they did. Did they not go through bloodbaths in both Vancouver and Victoria not too many years ago so they could reorganize?

Was there not massive firings in Edmonton and Calgary in the past year when CHUM took over the TV stations from Craig?

Things have sure changed from the days when Alan Waters was captain of the ship. All the kids running the show want now is some fast bucks and get the hell outta Dodge. Who cares how many peoples lives they screw up in the process?Who cares how many families or relationships destruct because of job losses?

Too all who lost jobs today, who's lives have suddenly changed, there are better days ahead. Once the dust settles you'll realize how much better off you are than those who remain and are constantly wondering if they will be next.

Once Bell has control, who knows - maybe you'll wake up to Frank and Gordon hosting the Breakfast Show one day soon.
The world has two kinds of people. Cat people and idiots.
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Postby cart_machine » Wed Jul 12, 2006 9:57 pm

Mike Cleaver wrote: Saying that, now that I'm employed by BCE at CTV Vancouver, I think the rumour of a sale, if true, is probably the best move possible for the CHUM Group.

Mike, are you saying you think the sale will result in resources being pumped into the once-mighty CFUN and 1040? Or will BCE spin off the Vancouver radio holdings in your estimation?

cArtie.
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