CTVglobemedia sells all Maple Leaf shares
Sells remaining stake to Teachers' Pension PlanTORONTO -- Canadian broadcaster and newspaper publisher CTVglobemedia has sold its remaining shares in Maple Leaf Sports and Entertainment to the Ontario Teachers' Pension Plan, a controlling shareholder, for an undisclosed sum, it was announced Thursday.
Teachers, the country's third-largest pension fund, raised its stake to 66% in MLSE, which runs the Toronto Maple Leafs and Raptors pro sports teams and the Leafs TV and Raptors NBA TV specialty channels.
CTVglobemedia sold its remaining 7.7% stake in MLSE to reduce its debt load as its print and TV operations, which include the CTV national TV network, deal with a continuing advertising slump.
"CTV wishes to thank MLSE for driving the growth of the company and helping us exit profitably," Ivan Fecan, president and CEO of CTVglobemedia, said in a statement.
CTVglobemedia in December 2008 sold an earlier 7.7% stake in MLSE, which at the time was valued at around $100 million.
MLSE also owns and operates the Toronto FC professional soccer team and the Toronto Marlies hockey club.
Besides its national network, CTVglobemedia operates a string of cable channels and radio stations countrywide.