TORONTO – Independent broadcaster Glassbox Television announced today it will buy digital specialty channel travel + escape from CTV.
The acquisition of the category one travel and leisure service is subject to CRTC approval, for which an application has already been filed. Financial terms of the sale were not disclosed.
Glassbox operates cross-platform broadcast and VOD channels Bite TV (a hyper-interactive digital channel) and 24-hour music service Aux.
"This acquisition is a natural next step in our company’s development and a great fit with our growing suite of services,” said Raja Khanna, co-CEO of Glassbox, in a release. The company engaged investment banking services of GMP Securities to finance the acquisition.
According to 2009 CRTC filings, travel + escape is a profitable channel, earning a pre-tax profit of $1.6 million on revenue of $5.23 million, for the 12 months ended on August 31, 2009, with right around 970,00 subscribers.
The channel, however, will benefit from some attention. According to the same CRTC filing, just 2.7 people work for travel + escape, which features much repeated programming such as “Valerie Pringle has Left the Building”, the two-year old “Stratusphere” and on Thursday at 8 p.m. when “Ultimate Survival: Everest”airs. It’s a gripping story to be sure, but it was shot in 2004.
– Greg O’Brien
