Persona snaps up Delta and Coast
EmptyTORONTO -- Canadian cablecaster Persona Inc. on Tuesday said it has acquired rival Delta and Coast Cable for an undisclosed sum.
St. John's, Newfoundland-based Persona, Canada's fifth-largest cablecaster, picked up 38,000 cable customers and 20,000 high-speed Internet subscribers in suburban Vancouver. The deal takes its nationwide customer base to 265,000 basic cable subscribers and 95,000 Internet customers.
The sellers, the Thomas family of Vancouver, are the latest family among Canadian media pioneers to cash out amid continuing industry consolidation.
"We are honored that we are able to continue the incredibly rich history that the late Stan Thomas and John Thomas have built between this company and the community," Persona CEO Dean MacDonald said in a statement.
Elsewhere, Canadian broadcaster Astral Media Inc. said two weeks ago that it has offered CAN$1.2 billion ($1.01 billion) for Standard Broadcasting, which is controlled by Toronto's Slaight family, in a bid to create Canada's largest radio broadcaster.
Before that, CTVglobemedia proposed acquiring rival broadcaster Chum Ltd., which is controlled by Toronto's Waters family, for CAN$1.4 billion ($1.18 billion).
Canadian media companies have traditionally been controlled by founding families, who held class-A voting shares while class B, non-voting shares were owned by the public.