TORONTO and MONTREAL – The sale of Look Communications’ spectrum and broadcast licence to Inukshuk Wireless Partnership has cleared its final hurdle after receiving approval from Industry Canada Friday.
Inukshuk, a joint venture between Bell Canada and Rogers Communications, agreed to pay $80 million in cash for Look’s 92 MHz of spectrum and its mobile broadcast license in May.
In keeping with the agreement, Inukshuk has asked Look to support its application to the CRTC for the grant of a licence under the Broadcasting Act.
Look said that it will no longer offer services to subscribers as of November 15, 2009. It is migrating its Internet, co-location and LAN extension subscribers to Durham.Net, operating as Telnet Communications, and its video subscribers to Bell Canada.
It is still looking to sell approximately $350 million in tax attributes, and its network consisting of two operating centers in Toronto and Montreal, 26 one-way broadcast sites and 10 two-way broadcast sites.
