Canada's largest telecommunications company BCE Inc (Bell) said Friday that it has agreed to buy 100-per cent of CTV Inc, the country's leading media firm from a group of investors for C$1.3 billion expanding further its TV, wireless, and online services.
Bell currently owns a 15-per cent stake in CTV. Through the transaction, the telecom giant will acquire the remaining 85-per cent for C$1.3 billion from Toronto-based holding firm Woodbridge Company Limited, Ontario Teachers Pension Plan, and newspaper publisher Torstar Corporation, Bell said in a statement.
Toronto-based CTV operates Canada's No 1 television network with 27 stations across the country, 30 specialty channels, premium online video programming and properties, and CHUM Radio, which operates 34 radio stations throughout Canada. The company has over 5,000 employees.
CTVglobemedia Inc owns CTV Inc, CHUM Radio division, and The Globe and Mail, Canada's No.1 national newspaper.
''Hundred percent ownership of CTV enables Bell to maximise strategic and operating synergies with CTV, including the efficiency of our content and advertising spend," said George Cope, president and CEO of Bell Canada and BCE.
''Our acquisition of CTV more than levels the playing field in our increasingly competitive industry," Cope further added.