CHUM Purchases Craig Media
|Areas||Banking and Finance Law, Communications, Corporate Finance and Securities, Private Equity, Tax|
Goodmans represented Providence Equity Partners IV LP, Providence Equity Operating Partners IV LP, Manalta Investment Company Ltd., and St. Joseph Media Inc. (the Ownership Group) in connection with the sale of Ownership Group's shares of Craig Media Inc. to CHUM Ltd. for a purchase price of approximately $265 million. Craig Media Inc. is a television broadcaster with interests in five conventional stations located in Manitoba, Alberta and Ontario as well as three digital specialty channels. Immediately after the completion of the transaction, CHUM sold the Toronto 1 television station it had acquired from Craig Media to Groupe TVA Inc. and Sun Media Corp. for approximately $46 million. A syndicate of banks led by Royal Bank of Canada and the Toronto Dominion Bank provided financing for CHUM's purchase.