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Bluepoint Investment Corporation is shopping for media assets in the U.S., as it continues to build an independent network of local TV stations.
Bluepoint, a holding company established last year to acquire some of Canada's struggling local TV stations, is headed by Chairman and CEO Bruce Claassen, media industry veteran and most recently Chairman of media management company Aegis Media Canada.
Since withdrawing from the purchase of CKX-TV Brandon from CTV last fall, Bluepoint has been aggressive in its pursuit of local TV stations and, as part of the second phase of its growth plan, is actively exploring media opportunities in the US market.
"Since the beginning of this year, we have reaffirmed our interest in some Canadian stations and have started due diligence on a US company that has come to our attention," Claassen said in a release. "We are in a unique situation - even in this economy - to have secured substantial financial investment from both Bay Street and Wall Street. This backing is a significant stamp of approval for our business plan, our concept and vision, and for the experienced team behind Bluepoint."
Heading up Bluepoint Investment with Claassen is President Colin Berrie, Bay Street veteran and former President of Avenue Financial Corp. In addition to Berrie, six broadcast veterans have signed on with Bluepoint to bring their considerable experience in the financial, management, legal, programming, marketing and sales areas of the business to the team. Claassen feels that it's his media and advertising experience in combination with the business and financial acumen of Berrie and the depth of the Bluepoint team that is not only appealing to backers but also ideal for successfully resuscitating some of Canada's media operations.
Claassen noted that local TV in particular hasn't received a lot of positive news recently but that given the current state of the media industry, he believes there is a tremendous opportunity for an independent company that strongly believes there is a future for local stations and Canadian media.
"I think that recent comments by average Canadians proves that they value local television highly. Bluepoint wants to help ensure that communities never lose that important resource."
Claassen added, "We can see beyond all the doom and gloom and believe that now is the time to invest in media. Bluepoint has good solid funding and we are serious about our intention to acquire over-the-air broadcasters, and possibly cable and other media assets throughout North America."
Source: Broadcaster, 01/27/2010
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