Canadian investor eyes U.S. media assets

Claassen doing due diligence on unnamed U.S. company

TORONTO -- Broken broadcast business model?

Veteran Canadian ad exec Bruce Claassen still sees value in unwanted local TV stations.

Having failed to acquire a struggling Manitoba indie TV station late last year, Claassen's Bluepoint Investment Corporation has turned its sights to picking up U.S. TV stations put up for sale by national broadcasters.

Claassen, backed by Canadian and U.S. investment capital, said he's doing due diligence on an unspecified U.S. company.

"We can see beyond all the doom and gloom and believe that now is the time to invest in media. Bluepoint has good solid funding and we are serious about our intention to acquire over-the-air broadcasters, and possibly cable and other media assets throughout North America," Claassen argued.

Bluepoint last October pulled out of a deal to acquire CKX-TV in Brandon, Manitoba after it failed to secure direct-to-home satellite distribution for the struggling local TV station (HR, Oct. 2/09).

Claassen said he's still eyeing Canadian media assets, many now available at bargain prices as broadcasters deal with the economic downturn and a TV ad slump.