GlassBox TV acquires Travel + Escape
Deal marks latest reincarnation for Canadian travel channelTORONTO -- Hard times in Canadian broadcasting continues to offer rich pickings for cable channel bargain hunters.
Specialty broadcaster GlassBox Television on Tuesday said it has acquired the digital cable channel Travel + Escape from CTV for an undisclosed price.
The deal is the latest as major over-the-air broadcasters CTV, Canwest Global and CBC shed costs and assets, including cable channels, amid a plunge in ad revenue during the economic downturn.
Canwest Global recently sold its TV assets, including 13 cable channels, to western Canadian cable operator Shaw Communications for $2 billion as it looks to emerge from court-directed creditor protection.
"This acquisition is a natural next step in our company's development and a great fit with our growing suite of services," Raja Khanna, GlassBox co-CEO said n a statement.
Toronto-based GlassBox has hired investment house GMP Securities to finance the acquisition.
The Canadian travel and leisure-themed channel has gone through a number of reincarnations, first at Travel TV originally licensed in 2000, then CTV Travel, before a rebranding as Travel + Escape in 2006.