TORONTO — Craig Media, the scrappy 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, could also 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 States hold the remainder.
Calls to Craig Media were not returned.