TORONTO — Astral Media will issue 2 million class A nonvoting shares in order to raise about $C77 million ($52.4 million).
Montreal-based Astral plans to use the funds to reduce its debt and for “general corporate purposes, including acquisitions,” the company said. “We’re interested in acquiring additional French-language radio stations in Montreal and Quebec City,” spokesman David Novek said, “and in specialty TV services, if they become available.”
Astral owns half of the Family Channel, Corus Entertainment the other half. Astral is reportedly eager to acquire Corus’ stake after Canadian regulators recently directed the latter to unload its share of Family Channel as part of an ownership ruling. Astral Media is a subsidiary of the Astral Broadcasting Group, Canada’s largest specialty, pay, and pay-per-view TV company, holding 20 network licenses.
Popular on Variety
'Lion King': Billy Eichner Thought Jon Favreau Hired Him to Play Timon for Disney on Ice
Chance the Rapper Was a Nostalgia Consultant on 'The Lion King'
(SPOILERS) Why 'Stranger Things' Season Three is the Best Season Yet
How Long Would The 'Stranger Things' Cast Survive The Upside Down?
Horror Legend John Carpenter On Surviving Hollywood As a 'Low Rent' Director
'Spider-Man' Cast Answers: Who's the Worst at Memorizing Lines?
Meet Marvel's First Openly Trans Actor Zach Barack
Why 'Toy Story 4' Character Forky Wasn't Named Sporky
Saturday’s blackout in New York had an outsized effect on the city’s nightlife, with Madison Square Garden and the entire Broadway district seeing multiple shows cancelled due to the the power outage. As a result, StubHub has refunded more than $500,000 worth of tickets for cancelled events. According to a statement from the company, the StubHub [...]
The L.A. County District Attorney’s office has filed 64 counts against Girard Saenz, the man who allegedly kept a stockpile of more than 1,000 weapons at a Bel-Air home linked to the Getty family. Saenz is accused of illegal possession of assault weapons, transferring handguns without a dealer license, possession of short-barreled shotguns, and possession [...]
Fox Corporation is the latest to benefit from stronger-than-expected trends in TV ad spending, as the company notched strong gains in advertising commitments for its next cycle of programming – its first since selling off a large chunk of its media assets to Walt Disney. Ad demand was stronger than many executives anticipated, according to [...]
BMI today announced that David Levin has been promoted to Senior Vice President of Licensing, effective immediately. In his newly expanded role, Levin is responsible for all of BMI’s domestic licensing and revenue generation, encompassing radio, television, digital media, cable, satellite and general licensing. Levin, who will oversee teams in New York and Nashville, reports [...]
Warner Music Group has acquired First Night Record, an independent record label for West End and Broadway musical theatre cast recordings. The company will be overseen by WMG’s Arts Music Division, led by President Kevin Gore. First Night co-founder John Craig will join the Arts Music team under a multi-year consulting agreement to identify and record musical theatre productions in [...]
If nothing else, the producers of Woodstock 50 are persistent. After two permit applications to hold the troubled festival at the Vernon Downs racetrack in Upstate New York were rejected by the town of Vernon codes office, the producers and venue owner Jeffrey Gural today invited the local community “to embrace the Festival’s spirit of [...]
Sydney, Australia, is to be home to Industrial Light & Magic’s fifth production hub. The Disney-owned special effects company currently has facilities in San Francisco, Vancouver, London and Singapore. The decision to open the Sydney outpost was announced Monday local time by executive creative director and head of ILM Rob Bredow, ILM executive Luke Hetherington, [...]