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Score Media shares offered to AAC
Thursday June 21st 2007TORONTO (CP) _ The Levy family has put a price on selling its stake in Score Media Inc. Levfam Holding Inc., the principal shareholder of Score Media has given notice to Alliance Atlantis Communications Inc. that it will sell its shares for $2.90 each.
Prior to the announcement late Wednesday, Score Media’s stock fell eight per cent on the Toronto Stock Exchange, closing down 14 cents to $1.60. Score Media has traded between 75 cents and $2.25 in the past 52 weeks.
Levfam, a company held by the Levy family and controlled by Score Media chairman and CEO John Levy, has a 37.8 stake in Score Media and 55.7 per cent of its voting shares. Any potential buyer of Score Media has to convince Levy to sell since his family controls the board and cannot be forced into a deal.
In the past, Levy has been reluctant to sell. However, now that the channel is making money due largely to more television subscribers, and the share price is rising, a sale is very attractive.
Score’s revenues for its second-quarter ended Feb. 28 were $7.7 million compared to $6.8 million in the prior year, and were $17 million for the six-month period, compared to $14.1 million the year before.
Score Media provides sports, news, information, highlights and live event programming through The Score specialty television channel and other media properties.
Score Media also said Wednesday its board of directors has set up a special committee to assess any potential change of control that could come from Levfam’s notice to Alliance Atlantis. Genuity Capital Markets is acting as its financial advisor.
Genuity is also advising CanWest Global Communications (TSX:CGS) on its $2.3-billion offer to buy Alliance Atlantis. As part of the proposed deal, CanWest also gets 22.3 per cent of Score Media’s non-voting shares.
Some media reports have speculated CanWest would bid for all of Score Media.
Also Wednesday, Score Media said it would sell to Levfam its Hardcore Sports Radio business for a price of $1.5 million. That sale is conditional on Alliance Atlantis or "other third parties" buying Levfam’s shares of Score Media at $2.90 per share, the company said in a release.
Headline, Industry News
Score Media shares offered to AAC
Thursday June 21st 2007TORONTO (CP) _ The Levy family has put a price on selling its stake in Score Media Inc. Levfam Holding Inc., the principal shareholder of Score Media has given notice to Alliance Atlantis Communications Inc. that it will sell its shares for $2.90 each.
Prior to the announcement late Wednesday, Score Media’s stock fell eight per cent on the Toronto Stock Exchange, closing down 14 cents to $1.60. Score Media has traded between 75 cents and $2.25 in the past 52 weeks.
Levfam, a company held by the Levy family and controlled by Score Media chairman and CEO John Levy, has a 37.8 stake in Score Media and 55.7 per cent of its voting shares. Any potential buyer of Score Media has to convince Levy to sell since his family controls the board and cannot be forced into a deal.
In the past, Levy has been reluctant to sell. However, now that the channel is making money due largely to more television subscribers, and the share price is rising, a sale is very attractive.
Score’s revenues for its second-quarter ended Feb. 28 were $7.7 million compared to $6.8 million in the prior year, and were $17 million for the six-month period, compared to $14.1 million the year before.
Score Media provides sports, news, information, highlights and live event programming through The Score specialty television channel and other media properties.
Score Media also said Wednesday its board of directors has set up a special committee to assess any potential change of control that could come from Levfam’s notice to Alliance Atlantis. Genuity Capital Markets is acting as its financial advisor.
Genuity is also advising CanWest Global Communications (TSX:CGS) on its $2.3-billion offer to buy Alliance Atlantis. As part of the proposed deal, CanWest also gets 22.3 per cent of Score Media’s non-voting shares.
Some media reports have speculated CanWest would bid for all of Score Media.
Also Wednesday, Score Media said it would sell to Levfam its Hardcore Sports Radio business for a price of $1.5 million. That sale is conditional on Alliance Atlantis or "other third parties" buying Levfam’s shares of Score Media at $2.90 per share, the company said in a release.
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Headline, Industry News
Score Media shares offered to AAC
Thursday June 21st 2007TORONTO (CP) _ The Levy family has put a price on selling its stake in Score Media Inc. Levfam Holding Inc., the principal shareholder of Score Media has given notice to Alliance Atlantis Communications Inc. that it will sell its shares for $2.90 each.
Prior to the announcement late Wednesday, Score Media’s stock fell eight per cent on the Toronto Stock Exchange, closing down 14 cents to $1.60. Score Media has traded between 75 cents and $2.25 in the past 52 weeks.
Levfam, a company held by the Levy family and controlled by Score Media chairman and CEO John Levy, has a 37.8 stake in Score Media and 55.7 per cent of its voting shares. Any potential buyer of Score Media has to convince Levy to sell since his family controls the board and cannot be forced into a deal.
In the past, Levy has been reluctant to sell. However, now that the channel is making money due largely to more television subscribers, and the share price is rising, a sale is very attractive.
Score’s revenues for its second-quarter ended Feb. 28 were $7.7 million compared to $6.8 million in the prior year, and were $17 million for the six-month period, compared to $14.1 million the year before.
Score Media provides sports, news, information, highlights and live event programming through The Score specialty television channel and other media properties.
Score Media also said Wednesday its board of directors has set up a special committee to assess any potential change of control that could come from Levfam’s notice to Alliance Atlantis. Genuity Capital Markets is acting as its financial advisor.
Genuity is also advising CanWest Global Communications (TSX:CGS) on its $2.3-billion offer to buy Alliance Atlantis. As part of the proposed deal, CanWest also gets 22.3 per cent of Score Media’s non-voting shares.
Some media reports have speculated CanWest would bid for all of Score Media.
Also Wednesday, Score Media said it would sell to Levfam its Hardcore Sports Radio business for a price of $1.5 million. That sale is conditional on Alliance Atlantis or "other third parties" buying Levfam’s shares of Score Media at $2.90 per share, the company said in a release.
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