MTV Networks International has decided to exercise its right to terminate its agreement with Craig Media for channels MTV Canada, a youth culture channel, and MTV2, a music video channel. The nets will be rebranded effective June 30. The new names were unavailable at press time.
MTV Canada and MTV2 were among the channels CHUM acquired in its purchase of Craig Media in December. MTV Networks had the right to terminate its agreement upon a change of ownership. CHUM will be required to pay remaining licence fees of approximately $10 million. In addition, MTV Networks International will no longer have the option to acquire an equity interest in the channels.
