Craig weighs asset sale

Co. considering Canuck sell-off

TORONTO — Craig Media, the prairie television broadcaster that came to Toronto to take on the big boys, is on the block.

The company has hired RBC Dominion Securities to seek out “strategies,” including the potential sale of some or all of its assets. Calgary-based Craig owns several terrestrial TV channels in Western Canada, the newly launched Toronto 1 and a handful of digital specialty channels, including MTV Canada, MTV2 and TV Land.

Media reports say the company is hoping to get C$400 million ($306 million) for the lot, although analysts say the price is far too steep.

Potential contenders include Toronto-based rival Chum; Montreal-based cable giant Quebecor; and Alliance Atlantis Communications and Torstar Corp., both of Toronto. Montreal-based specialty and pay TV company Astral Media, a robust company that is looking for acquisitions, also could be kicking the tires.

Brothers Drew, Boyd and Miles Craig own 80% of Craig Media, Canada’s largest privately held media company. Providence Equity Partners of the U.S. hold the remainder.

Calls to Craig Media were not returned.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading