OTTAWA – V Media Group received CRTC approval Thursday to proceed with its purchase of French-language music channels MusiquePlus and MusiMax from Bell Media.
The Commission said that the transaction, as modified in this decision, is in the public interest and contributes to fulfilling the objectives of the Broadcasting Act as it will foster competition in the French-language market and ensure the continued availability of a major showcase for Canadian musical talent. It revised the value of the deal to $22.87 million.
The decision also approved, subject to certain modifications, an application to amend certain conditions of licence relating to the programming of MusiquePlus and MusiMax.
“The Commission considers that the flexibility granted to MusiquePlus inc. with respect to the conditions of licence for both services will enable Groupe V to effect a quicker and more sustainable turnaround as it relates to the financial situation of MusiquePlus inc”, reads the decision. “MusiquePlus and MusiMax are important promotional tools for Canadian music artists, and the Commission is of the view that the licence amendments as modified by the Commission will provide the flexibility needed to successfully address MusiquePlus inc.’s financial situation.”
