TORONTO — Specialty TV channel Sportscope Television Network has taken itself public by inking a reverse takeover deal with Old Canada Investment Corp. valued at more than C$150 million ($100 million).
Sportscope, which owns specialty channel Headline Sports — the Score television network, is controlled by businessman John Levy through Levy Co. and Alliance Atlantis Communications. Levy and AAC sold their interest in Sportscope to Old Canada in return for issued shares of Old Canada. Transaction gives Levy 49% and AAC 40% of Old Canada, now redubbed Headline Media Group.
Looking to expand
Headline Media’s strategy is to grow the company, said Levy. Taking Headline Sports public allows the company to raise funds for this purpose.
Headline Sports is shopping for “broadcast and other traditional and Internet-based media and sports-focused properties,” the company said in a release. Levy declined to specify what particular investments Headline Sports is eyeing.
Subject to regulatory and Old Canada shareholder approval, deal is expected to close in November.