Rogers to buy one-third of Prime

TORONTO – Thanks to a partnership agreement which dates back to the beginnings of CanWest Global’s only analog specialty service, Prime TV, Rogers Communications wants to acquire one-third ownership of the channel. In a nutshell, Rogers provided some start-up financing and covered some operating costs for the channel leading to and after its launch in 1997. In return, RCI received a subordinated debenture from CanWest, convertible into ownership of the channel, at RCI’s option. The company has exercised its option and plans to take 33.3% ownership of CanWest’s channel. CanWest has applied for CRTC approval for the ownership change. Until...