2 channels in Rogers buyout deal
EmptyTORONTO -- Canadian cable giant Rogers Communications said Monday that it will buy out respective one-third stakes in cable channel Outdoor Life Network Canada from Canadian broadcaster CTVglobemedia and Comcast's Versus cable sports channel.
Toronto-based Rogers, which already holds a one-third stake in OLN, said it bought out its fellow shareholders for an unspecified price.
Unlike the U.S.-based OLN channel, which changed its name to Versus in 2006, Canada's OLN channel does not air major sports events, and instead restricts itself to outdoor lifestyle and sports programming.
The buyout deal for Rogers is subject to regulatory approval, and is expected to close in the first quarter of 2008.
Rogers last June paid CAN$375 million ($367.5 million) to CTVglobemedia for five Citytv-branded over-the-air TV stations. Rogers and CTVglobemedia also partnered to acquire the exclusive Canadian TV rights to the 2010 and 2012 Olympic Games.