CHUM to Acquire Craig Media

On April 10, 2004, CHUM Ltd. entered into an agreement with Craig Media Inc. and its shareholders, Manalta Investment Company Ltd., Providence Equity Partners IV LP, Providence Equity Operating Partners IV LP and St. Joseph Media Inc., under which CHUM agreed to acquire all of the shares of Craig Media for Cdn.$265 million, subject to certain adjustments. The transaction is subject to the approval of the CRTC and other conditions usual for a transaction of this nature. Craig Media operates the three “A Channel” conventional television stations in Edmonton, Calgary and Winnipeg: CKX, a CBC-affiliate station in Brandon; the newly launched Toronto 1 station in Toronto; and the MTV, MTV2 and TV Land digital specialty television channels.

CHUM was represented by in-house counsel Denise Cooper and Peter Miller; and by Fasken Martineau DuMoulin LLP led by Roxanne McCormick (M&A) and including Angela Giancaterini (corporate), Alan Schwartz and Mitchell Thaw (tax), Dan Law and Marc Vaturi (real estate), Ralph Nero and Ian Campbell (labour and employment), Peggy McCallum and Tyrone Medley (pensions) and Angela Di Padova (competition).

Craig Media was represented by in-house counsel Jennifer Strain; and by McCarthy Tétrault LLP, with a team led by Garth Girvan and including W. Ian Palm, Tara Rosenblatt and Keith Lau (corporate finance, M&A), Peter Grant and Grant Buchanan (communications), Gabrielle Richards (tax) and Oliver Borgers (competition).

The shareholders were represented by Michael Guttormson (corporate), and Carmele Peter and Robert Lee (tax) of Aikins, MacAulay & Thorvaldson LLP for Manalta; and Joseph Kuzneski and Michael Newquist of Edwards & Angell LLP, and Stephen Halperin and Michael Partridge (M&A), Rob Malcolmson (communications) and Carrie Smit and Alan Bowman (tax) of Goodmans LLP for Providence.