ZoomerMedia inks VisionTV acquisition
Citing 'complementary audience demographics,' the 50+ media co is adding the multi-faith network's TV assets to its broadcast offering, including specialties Joytv and One.
Moses Znaimer is at it again. Canada’s TV deity has inked a deal with VisionTV that sees the the multi-faith network selling its broadcasting assets to ZoomerMedia in a deal that ‘will create new benefits and synergies,’ according to Vision chair, Dale Godsoe.
The deal, subject to approval by the CRTC, shareholders and TSX Venture Exchange, is expected to close by spring 2010 and will see VisionTV specialty channel One: The Body Mind and Spirit Channel, as well as its Christian Joytv broadcast stations, Joytv 10 and Joytv 11 in Vancouver and Winnipeg respectively, purchased by ZoomerMedia.
As part of the agreement, VisionTV Digital’s shares are also being sold to ZoomerMedia.
‘The acquisitions will enrich Zoomer’s media assets,’ said Znaimer in a recent release. ‘In addition to being attractive businesses in their own right, we expect their complementary nature to Zoomer’s magazine and online/web holdings will further facilitate the expansion of the Zoomer concept, and will assist CARP significantly in expanding its membership base.’
Fairfax Financial Holdings has agreed to invest in the deal by subscribing for 176 million common shares of Zoomer at a price of $0.10 per share – a deal that will see Fairfax owning 28% of the total common Zoomer shares at the time of closing, and producing $17.6 million, which will be used to finance the acquisition of VisionTV assets. The deal is conditional upon Zoomer’s acquisition of several Znaimer-owned media and real estate assets.
Those assets include MZMedia and its radio stations (CFMZ-FM, the New Classical 96.3 FM and 103.1 FM and CFZM, Zoomer Radio AM740), television production and distribution co MZTV Production and Distribution, Zoomer Management (which provides creative, production, communications and financial administration to various cos), the annual Canadian conference IdeaCity, as well as the downtown Toronto office building at 64 Jefferson Avenue, which sits on 2.6 acres of commercial property.