CRTC Approves Sale of CHEK

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CRTC Approves Sale of CHEK-TV

The CRTC has approved the sale of Canwest's CHEK-TV station in Victoria to a group of investors.

The federal regulator said that the TV operations and related transmitters can be sold to a private numbered company owned by a consortium of local investors, 39 employees of the TV station and the Communications Energy and Paperworkers Union.

In its decision, the CRTC noted that CHEK-TV is losing about $12 million per year and "has not shown any marked improvement in profitability over the past three years."

The Commission said the price tag on the deal ($2.00) would also include the value of working capital at the station, and that it has renewed the station's broadcasting licence until Aug. 31, 2016.

Canwest Global Communications Corp. put the station on auction block earlier this year as it worked to sell off certain money-losing assets.

Source: Broadcaster, 11/09/2009

Originally Posted: 11/9/2009 2:44:07 PM

Last Updated: 11/9/2009 2:46:06 PM