CityTel buys rest of Monarch Cable for $23.5 million

PRINCE RUPERT, B.C. – Municipally-owned telco CityTel acquired the remaining Monarch Cable systems last week from owner Bill Yuill and announced an overhaul of its corporate governance, too. Monarch had approximately 12,000 cable customers in Prince Rupert and the nearby communities of Terrace, Kitimat, Smithers, Houston, Hazelton, Telkwa, Port Edward and Stewart. Monarch was founded in Medicine Hat, Alberta, and Shaw Communications purchased those systems in 2003 for $90 million. Monarch acquired the B.C. systems, the former Okanagan Skeena Group, from Telemedia, in 2000. The $23.5 million deal is scheduled to close on August 31st, with Commission approval to come...