CTV unloads two cable channels
Deal subject to regulatory approvalTORONTO -- Canadian broadcaster CTVglobemedia has sold two cable channels, Drive-In Classics and SexTV, to rival Corus Entertainment for CAN$40 million ($35.2 million).
The deal, subject to regulatory approval, will hand Toronto-based Corus Entertainment control of niche channels currently available in around 2 million Canadian homes.
CTVglobemedia, which has felt the impact of the current TV ad downturn on its CTV national TV network, last December sold a 7.7% stake the Toronto Maple Leafs and Toronto Raptors professional teams to fellow owner Lawrence Tanenbaum to raise a reported $90 million.
Corus Entertainment is also expected to take a run at cable channels belonging to Canwest Global Communications Corp. as that debt-laden broadcaster continues to trim costs and sell assets to stave off bankruptcy protection.
Besides the CTV network, CTVglobemedia also has a stake in the Globe and Mail newspaper and a string of remaining domestic cable channels, including The Sports Network.