Wednesday, July 01, 2009

Go Celebrate...Buy A TV Station Or Something...

Later Tuesday, a deal that CTV had in place to sell three money-losing stations to cable company Shaw Communications Inc. fell apart. After CTV said in March that it would shut the outlets – in Brandon, Man., and Windsor and Wingham, Ont. – if a buyer could not be found, Shaw stepped up to buy them for the bargain-basement price of $1 each.

For both CTV and CanWest, the discount price was less important than removing the financial losses the small-market stations were causing on their books. Both networks have told regulators they must trim their conventional TV operations, which have become less profitable than owning specialty channels on cable.

CTV issued a brief statement saying that the Shaw deal had been cancelled. CTV is owned by CTVglobemedia Inc., also the parent company of The Globe and Mail.

Executives from Shaw could not be reached for comment, but a source close to the deal said the company did not like the financial state of the small stations, whose operations and books Shaw officials examined closely in recent weeks.

Full article HERE.

So Jim Shaw was all talk and no rock...sigh. Not a big shocker really...the game between local TV guys vs. big Media conglomerates continues. You gotta feel for the employees working at these stations is all I can say.

And even though it seems weird having it on a Wednesday, enjoy your Canada Day...

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