Score majority owners eye sale
EmptyTORONTO -- The largest shareholder of Score Media, which runs Canadian sports cable channel the Score, on Thursday said it has offered to sell its stake to minority shareholder Alliance Atlantis Communications.
Levfam Holdings, the investment vehicle for Toronto's Levy family, said it will sell a 37.8% stake in Score Media, comprising 36.7 million class A subordinate voting shares, to Alliance Atlantis for CAN$2.90 ($2.70) per-share.
Score Media operates the Score, a domestic headline sports cable channel that also features some live sporting events in primetime.
Alliance Atlantis already has a 22.3% non-voting stake in Score Media and is set to be taken over by rival broadcaster CanWest Global Communications and equity partner Goldman Sachs & Co.
Media reports have pointed to CanWest Global possibly bidding for control of Score Media after acquiring Alliance Atlantis' 22.3% block of shares.
CanWest Global referred questions about the Score Media share offer to Alliance Atlantis. A spokesperson for Alliance Atlantis said it has received the offer and was reviewing it.
Toronto-based Genuity Capital Markets is advising Score Media as it considers a possible sale of the Levy family stake to Alliance Atlantis. It also is advising CanWest Global on its pending purchase of Alliance Atlantis.