GATINEAU – The CRTC has scheduled a public hearing into the transfer of Bell Canada Enterprise’s broadcast licenses to an Investor Group led by Teachers Private Capital, Providence Equity partners, Madison Dearborn and Merrill Lynch Global Private Equity.
Since Teachers owns 25% of CTVglobemedia and BCE owns 15% of the media company (bringing the new company’s CTVgm stake to 40%) and all of Bell ExpressVu, the Commission must approve this part of the transaction to ensure, among other things, that non-Canadians don’t control those assets.
While the overall price tag on taking Bell private is $39.8 billion, the deal values satellite service Bell ExpressVu at just $108.5 million and its regional Cablevision du Nord VOD license at $1.1 million, for the purpose of calculating the tangible benefits associated with the sale.
The application did not note a value of the companies’ stakes in CTVgm.
“Given the February 25, 2008 date set by the CRTC for a public hearing, BCE now expects the transaction to close in the first part of the second quarter of 2008,” reads a press release from the big telco
“BCE continues to work with the investor group to satisfy the conditions necessary to close the transaction.”
