OTTAWA – Broadcast visionary Moses Znaimer is officially back in the television business.
The CRTC approved the purchase of VisionTV’s broadcasting assets by Znaimer’s company ZoomerMedia on Tuesday. The deal, valued at $25 million, 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, as Cartt.ca reported.
ZoomerMedia was also granted a new broadcasting licence to continue the operation of VisionTV under the same terms and conditions as those in effect under the current licence. The licence expires August 31, 2011.
The Commission’s approval hinges on a few revisions to the proposed tangible benefits plan. It also approved an application by MZ Media for a corporate reorganization through the transfer of all the issued and outstanding shares in the capital of MZ Media from Moses Znaimer to ZoomerMedia, a corporation also controlled by Znaimer.
In a memo to staff on Tuesday afternoon, S-VOX president and CEO Bill Roberts said that his senior management team is “delighted with this favourable outcome”. S-Vox is the parent company of VisionTV, Joytv and One.
