Transaction|April 1, 2011
BCE completes acquisition of CTV
Torys acted as counsel to The Woodbridge Company Limited and CTVglobemedia with a team that included Michael Siltala, Cornell Wright, Jackie Taitz, Erin Chayko, Adrienne DiPaolo, Janelle Bowman, Zack Newton and Anthony Tam (corporate), Jim Welkoff and Kathy Moore (tax), Jay Holsten and Sue-Anne Fox (competition), Tom Zverina (lending) and Christina Medland (employment).
On April 1, 2011, BCE Inc. (TSX, NYSE: BCE) (Bell) announced that it has completed its C$3.2 billion acquisition of CTV and launched Bell Media, a new business unit encompassing all CTV and other Bell content assets.
As part of the transaction, The Woodbridge Company Limited, the investment vehicle for Canada's Thomson family, acquired direct ownership of Canada's national newspaper, The Globe and Mail. Woodbridge has had an indirect interest in The Globe and Mail since 1980. Woodbridge will now own 85% of The Globe and Mail and BCE will continue to own 15%.
Bell had owned a 15% equity position in CTV and acquired the remaining 85% for C$1.3 billion in equity value from Woodbridge, Ontario Teachers' Pension Plan and Torstar Corporation.
BCE is Canada's largest communications company, providing communication services to residential and business customers in Canada. Operating under the Bell and Bell Aliant brands, the Company's services include telephone, wireless communications, high-speed Internet, digital television, and IP-broadband and ICT (information and communications technology) services.
CTV operates Canada's television network with 27 stations across the country; 30 specialty channels, including TSN and RDS, the top English and French specialty channels; premium online video programming and properties such as CTV.ca, TSN.ca, RDS.ca, MuchMusic.com, MTV.ca and TheComedyNetwork.ca; and CHUM Radio, which operates 34 radio stations throughout Canada.
Woodbridge is the primary investment vehicle for the Thomson family of Canada. It has a number of investments, including a 55% stake in Thomson Reuters, listed on the Toronto and New York stock exchanges.
Further information is found on the websites of BCE and Canada Newswire.
As part of the transaction, The Woodbridge Company Limited, the investment vehicle for Canada's Thomson family, acquired direct ownership of Canada's national newspaper, The Globe and Mail. Woodbridge has had an indirect interest in The Globe and Mail since 1980. Woodbridge will now own 85% of The Globe and Mail and BCE will continue to own 15%.
Bell had owned a 15% equity position in CTV and acquired the remaining 85% for C$1.3 billion in equity value from Woodbridge, Ontario Teachers' Pension Plan and Torstar Corporation.
BCE is Canada's largest communications company, providing communication services to residential and business customers in Canada. Operating under the Bell and Bell Aliant brands, the Company's services include telephone, wireless communications, high-speed Internet, digital television, and IP-broadband and ICT (information and communications technology) services.
CTV operates Canada's television network with 27 stations across the country; 30 specialty channels, including TSN and RDS, the top English and French specialty channels; premium online video programming and properties such as CTV.ca, TSN.ca, RDS.ca, MuchMusic.com, MTV.ca and TheComedyNetwork.ca; and CHUM Radio, which operates 34 radio stations throughout Canada.
Woodbridge is the primary investment vehicle for the Thomson family of Canada. It has a number of investments, including a 55% stake in Thomson Reuters, listed on the Toronto and New York stock exchanges.
Further information is found on the websites of BCE and Canada Newswire.