CTV acquires Quebec's CFCF in $91.8 mil deal
MONTREAL — Canadian network CTV has been given the greenlight from broadcast regulators to acquire Montreal station CFCF, the most popular English-language station in Quebec, in a deal worth C$141.5 million ($91.8 million).
Last April, CTV inked with rival Global Communications to purchase its 70% stake in CFCF, and since then CDP Capital Communications, a subsidiary of the powerful Quebec government pension-plan investor, sold CTV the remaining 30%.
Broadcast regulator the Canadian Radio-television and Telecommunications Commission forced Global to sell its take in CFCF because it has its own local station in Montreal.
“CFCF is a Montreal institution, a vital part of a vital community,” said Trina McQueen, president of CTV. “Our new relationship gives us a chance to build on CF’s local excellence.”
CFCF was a CTV affiliate but was not previously owned and operated by the network. CTV is owned by telecom company BCE, which is based in Montreal — one reason many observers felt the network needed to own a station in the city.