TORONTO – Moses Znaimer’s company ZoomerMedia has officially completed its purchase of Vision TV’s broadcasting assets after securing a $17.6 million private placement with Fairfax Financial Holdings.
The $25 million deal, originally announced last June, includes the multi-faith and multicultural channel VisionTV, diginet One: the Body, Mind & Spirit channel, and the conventional TV stations Joytv 10 in Vancouver and Joytv 11 in Winnipeg.
"The VisionTV group of channels deliver unique and original programming to the millions of Canadians interested in spirituality, wellness and personal growth”, said ZoomerMedia president and CEO Znaimer, in the announcement. “Joining the ZoomerMedia family of radio, magazine and web properties devoted to the 45plus will ensure that they are able to continue fulfilling this unique mission. It will create new benefits and synergies, and will position the channels to prevail in the face of technological and regulatory change."
ZoomerMedia also acquired the assets of MZ Media Inc., a corporation also controlled by Znaimer, for an aggregate purchase price of $30 million. The purchase includes radio stations CFMZ-FM, The New Classical 96.3 FM and 103.1 FM and CFZM, Zoomer Radio AM740; a television production and distribution business; other "complementary companies", and a commercial property in downtown Toronto which will house the new combined ZoomerMedia.
