Quebecor buys Toronto 1

Toronto's CHUM is selling Toronto 1, the TV station it acquired as part of its purchase of Calgary-based broadcaster Craig Media.
Purchasers are two Quebecor Media subsidiaries. TVA Group, of Montreal, will pay $34.5 million in cash for a 75% interest in the money-losing station, while Sun Media, of Montreal, publisher of the Toronto Sun, will pay $3.5 million and give CHUM back its 29.9% interest in local news channel CablePulse 24.
Serge Gouin, president and chief executive of TVA and Quebecor Media, says the move will give Quebecor 'a strategic positioning in Canada's largest market.'
The sale will also help CHUM to gain CRTC approval to finalize its purchase of Craig. The Craig deal will make CHUM Canada's third private-sector national network.
http://www.chumlimited.com/press/releasecorporate.asp?pressID=1242
http://www.quebecor.com/htmen/0_0/7_0_1.asp?NewsID=609
By Staff 
August 24, 2004

Toronto’s CHUM is selling Toronto 1, the TV station it acquired as part of its purchase of Calgary-based broadcaster Craig Media.

Purchasers are two Quebecor Media subsidiaries. TVA Group, of Montreal, will pay $34.5 million in cash for a 75% interest in the money-losing station, while Sun Media, of Montreal, publisher of the Toronto Sun, will pay $3.5 million and give CHUM back its 29.9% interest in local news channel CablePulse 24.

Serge Gouin, president and chief executive of TVA and Quebecor Media, says the move will give Quebecor ‘a strategic positioning in Canada’s largest market.’

The sale will also help CHUM to gain CRTC approval to finalize its purchase of Craig. The Craig deal will make CHUM Canada’s third private-sector national network.

http://www.chumlimited.com/press/releasecorporate.asp?pressID=1242
http://www.quebecor.com/htmen/0_0/7_0_1.asp?NewsID=609