On March 20, 2003, Craig Media Inc., a privately-held television broadcasting company, completed a $145 million equity and debt financing. Providence Equity Partners Inc., a private equity firm based in Providence, Rhode Island, provided $110 million by way of a preferred share and subordinated debt investment in Craig Media. At the same time, Craig Media also secured a $35 million senior debt facility from Royal Bank of Canada and Bank of Montreal. Craig Media used a portion of the $145 million in new funds to repay existing debt; the remainder will fund further growth, including the launch of Craig Media’s TorontoOne television station.
Craig Broadcast Alberta Inc. changed its name to Craig Media Inc. (the successor to Craig Broadcast Alberta Inc.), and continued federally. The TorontoOne television station is expected to launch in 2003. Providence specializes in equity investments in media and communications companies.
Craig Media was represented by in-house counsel Jennifer Strain, and by Aikins, MacAulay & Thorvaldson with a team that included Michael Guttormson, Carmele Peter, Wells Peever, Joel Weinstein, Doug Sigurdson, Harley Boles, Colin Pewarchuk, Robert Lee and Todd Thomson.
Providence was represented in Canada, by Goodmans LLP with a team that included Stephen Halperin, Carrie Smit, Robert Malcolmson, Ira Barkin, David Wiseman, Michael Partridge, Alan Bowman, Shauna MacDougall and Caroline Cook, and in the U.S., by Edwards & Angell, LLP with a team that included David Duffell, Joseph Kuzneski, Jr., Elizabeth Munnell, Peter Barrett, Michael Newquist, Gregory Pusch, Jennifer Oswitt and Katherine Whalen.
Royal Bank of Canada and Bank of Montreal were represented by Michael Matheson, Craig Johnston and Ulana Pahuta-Hutzul of Ogilvy Renault.