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BCE reduces stake in BGM
Thursday August 31st 2006MONTREAL (CP) _ BCE Inc. (TSX:BCE) said Wednesday it had received all regulatory approvals to reduce its stake in Bell Globemedia, owner of CTV Inc., the Globe and Mail and numerous other Canadian media businesses to 20 per cent from 68.5 per cent.
The deal, announced last December, gives Torstar Corp. (TSX:TS.B) and the Ontario Teachers’ Pension Plan a 20-per-cent stake in Bell Globemedia and increases the Thomson family’s Woodbridge Co. stake in the company to 40 per cent from 31.5 per cent.
BCE said it received $1.3 billion from the deal, including $685 million for selling the Bell Globemedia shares and $607 million as a return of capital stemming from Bell Globemedia’s recapitalization in January.
BCE said it still retains "certain important rights" under the terms of the deal and has an agreement with Bell Globemedia to have access to its content.
The Canadian Radio-television and Telecommunications Commission approved the new ownership structure in Bell Globemedia on July 21 and the Competition Bureau issued a no-action letter on August 18, Torstar said.
The Thomson family once owned the Globe and was BCE’s minority partner in Bell Globemedia since it was formed five years ago.
Torstar Corp. owns the Toronto Star, several other Canadian newspapers, the Harlequin book publishing business and a smattering of TV and Internet assets
The huge Teachers pension plan, one of the biggest institutional investors in Canada, also has a stake in the Osprey newspaper business and Maple Leaf Sports and Entertainment Ltd., owners of the Toronto Maple Leafs and Toronto Raptors
Headline, Industry News
BCE reduces stake in BGM
Thursday August 31st 2006MONTREAL (CP) _ BCE Inc. (TSX:BCE) said Wednesday it had received all regulatory approvals to reduce its stake in Bell Globemedia, owner of CTV Inc., the Globe and Mail and numerous other Canadian media businesses to 20 per cent from 68.5 per cent.
The deal, announced last December, gives Torstar Corp. (TSX:TS.B) and the Ontario Teachers’ Pension Plan a 20-per-cent stake in Bell Globemedia and increases the Thomson family’s Woodbridge Co. stake in the company to 40 per cent from 31.5 per cent.
BCE said it received $1.3 billion from the deal, including $685 million for selling the Bell Globemedia shares and $607 million as a return of capital stemming from Bell Globemedia’s recapitalization in January.
BCE said it still retains "certain important rights" under the terms of the deal and has an agreement with Bell Globemedia to have access to its content.
The Canadian Radio-television and Telecommunications Commission approved the new ownership structure in Bell Globemedia on July 21 and the Competition Bureau issued a no-action letter on August 18, Torstar said.
The Thomson family once owned the Globe and was BCE’s minority partner in Bell Globemedia since it was formed five years ago.
Torstar Corp. owns the Toronto Star, several other Canadian newspapers, the Harlequin book publishing business and a smattering of TV and Internet assets
The huge Teachers pension plan, one of the biggest institutional investors in Canada, also has a stake in the Osprey newspaper business and Maple Leaf Sports and Entertainment Ltd., owners of the Toronto Maple Leafs and Toronto Raptors
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Headline, Industry News
BCE reduces stake in BGM
Thursday August 31st 2006MONTREAL (CP) _ BCE Inc. (TSX:BCE) said Wednesday it had received all regulatory approvals to reduce its stake in Bell Globemedia, owner of CTV Inc., the Globe and Mail and numerous other Canadian media businesses to 20 per cent from 68.5 per cent.
The deal, announced last December, gives Torstar Corp. (TSX:TS.B) and the Ontario Teachers’ Pension Plan a 20-per-cent stake in Bell Globemedia and increases the Thomson family’s Woodbridge Co. stake in the company to 40 per cent from 31.5 per cent.
BCE said it received $1.3 billion from the deal, including $685 million for selling the Bell Globemedia shares and $607 million as a return of capital stemming from Bell Globemedia’s recapitalization in January.
BCE said it still retains "certain important rights" under the terms of the deal and has an agreement with Bell Globemedia to have access to its content.
The Canadian Radio-television and Telecommunications Commission approved the new ownership structure in Bell Globemedia on July 21 and the Competition Bureau issued a no-action letter on August 18, Torstar said.
The Thomson family once owned the Globe and was BCE’s minority partner in Bell Globemedia since it was formed five years ago.
Torstar Corp. owns the Toronto Star, several other Canadian newspapers, the Harlequin book publishing business and a smattering of TV and Internet assets
The huge Teachers pension plan, one of the biggest institutional investors in Canada, also has a stake in the Osprey newspaper business and Maple Leaf Sports and Entertainment Ltd., owners of the Toronto Maple Leafs and Toronto Raptors
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