The GLOBE AND MAIL is reporting that CHUM LTD., the Canadian radio and TV giant, is about to be purchased by BELL GLOBEMEDIA. Trading of CHUM stock on the TORONTO STOCK EXCHANGE has been halted TODAY with an announcement expected later in the day.
BELL GLOBEMEDIA owns the CTV television network, the GLOBE AND MAIL, 17 cable networks, ad 15% of the parent company of the TORONTO MAPLE LEAFS and RAPTORS and AIR CANADA CENTRE, while CHUM owns 33 radio stations, 12 TV stations (including the CITY-TV channels in TORONTO, VANCOUVER, WINNIPEG, EDMONTON, and CALGARY and the A-CHANNEL stations throughout ONTARIO and in VICTORIA, BC), and 21 cable networks (including MUCHMUSIC), as well as the MUZAK franchise for CANADA.
Primary ownership of BELL GLOBEMEDIA is changing with BCE INC. reducing its share from 68.5% to 20% and selling 8.5% to the THOMSON family (which will hold 40%), 20% to TORSTAR CORP. (owner of the TORONTO STAR), and 20% to the ONTARIO TEACHERS' PENSION PLAN.
BELL GLOBEMEDIA owns the CTV television network, the GLOBE AND MAIL, 17 cable networks, ad 15% of the parent company of the TORONTO MAPLE LEAFS and RAPTORS and AIR CANADA CENTRE, while CHUM owns 33 radio stations, 12 TV stations (including the CITY-TV channels in TORONTO, VANCOUVER, WINNIPEG, EDMONTON, and CALGARY and the A-CHANNEL stations throughout ONTARIO and in VICTORIA, BC), and 21 cable networks (including MUCHMUSIC), as well as the MUZAK franchise for CANADA.
Primary ownership of BELL GLOBEMEDIA is changing with BCE INC. reducing its share from 68.5% to 20% and selling 8.5% to the THOMSON family (which will hold 40%), 20% to TORSTAR CORP. (owner of the TORONTO STAR), and 20% to the ONTARIO TEACHERS' PENSION PLAN.