Employees at Victoria, B.C.-based CHEK-TV secured an eleventh-hour deal to buy the local TV station. Following marathon negotiations, the employees and a group of investors bought CHEK-TV for an undisclosed nominal price.
" 'Many dedicated individuals on both sides of the table came together and the result is that it has preserved jobs and service in the community,' " Canwest Global president and CEO Leonard Asper.
Canwest Global is to provide leased space and support services to ensure a smooth transition for CHEK-TV as the employees and investors group secure regulatory approval to assume the broadcast license. The current broadcast license expired on August 31, and negotiations between CHEK-TV investors group and Canwest Global went into overtime as the current owner sought to ensure the employees could finance the purchase and succeed on their own. The employee-driven bid for CHEK-TV included around $2.5 million raised to secure new programming and run the local TV station after Canwest Global stepped away.
Source: Broadcaster, 09/08/2009