Bell to buy Astral

BCE Inc. announced, on March 16, 2012, its intent to buy Astral Media Inc., pending CRTC approval. The transaction, funded 75% by cash and 25% by BCE Inc. common equity, is valued at around $3.38 billion. As part of the purchase, BCE Inc. assumes $380 million in Astral Media Inc. debt.

A $150 million penalty will be paid by Bell to Astral, should Bell’s acquisition of Astral fall through. If another company courts Astral (as Astral can’t solicit other offers), and Astral ultimately shuns Bell for a “superior proposal,” Astral pays a $100 million termination fee to Bell. Bell has first right to match any “superior” counter-offer.

The Bell/Astral deal attracts critics, including Carleton University journalism professor Dwayne Winseck.

Bell, the largest telecommunications/media company in Canada by market share, wants the eighth-largest telecom/media company. Theoretically, the Astral purchase opens a gateway into Quebec homes, strengthens Bell’s radio reach, and establishes Bell in the premium television arena.

Shareholders can vote on the Bell/Astral transaction, at a meeting to be held on or before May 25, 2012.

Continue reading Industry Update – Bell/Astral, CRTC, APTN →

Canada In Development returns this week with Silent Partners.  A legal drama  about an unorthodox partnership between an up-and-coming young lawyer and her mentor/beard — a brilliant, South African-born attorney who is unable to practice law for mysterious reasons –  Silent Partners is set in Toronto.  Creator Denis McGrath is scheduled to deliver a first draft pilot and bible to CBC this month, but development terms are still in the works.  “That is development, phase one,” says McGrath, who is working with Cooperheart Productions on this character-based procedural.

McGrath is also working with Lark Productions on False Flag, a team-based action/adventure show about a squad that solves problems through lies, theft and misdirection — doing what governments, corporations and politicians are bound by law not to do — and leaving no trace behind.  False Flag is an hour-long, high-stakes show that McGrath compares to a “smart A-Team.”  It is currently in the first draft of pilot and bible with CTV, to be delivered in the summer of this year.

If you have a project in development with a Canadian broadcaster or production company, let TV, eh? know. See previous posts in this series here.

Corus Quay flipped twice in one day

On March 12, 2012, the Corus Quay was bought by Corus 25 Dockside Property Inc., a Corus Entertainment subsidiary, for $186 million. Corus Quay was, until this move, owned by the Toronto Port Lands Company.

The original agreement saw Corus Entertainment lease the Corus Quay until 2029. In exchange for maintenance of the original lease, plus an optional twenty-year extension, H&R Real Estate Investment Trust is Corus Quay’s new owner. H&R REIT covered the cost of the Corus 25 Dockside Property Inc. sale.

The Corus Quay was completed in the fall of 2010. It is the central programming hub for twenty-four television services, and three Toronto radio stations. Around 1100 employees currently work at the Corus Quay.

Continue reading TV, Eh? Industry Roundup – Corus Quay, Shaw Media/Vikings, CRTC/music, Sea to Sky Entertainment →

TOU.TV’s Hard gets cut off

It took until March 8, 2012 for Sun News Network to talk about CBC again – this time, a “victory,” as TOU.TV pulls Hard from its website. Hard is a French sitcom from Canal+ set in the porn industry, though Hard is more a racy HBO-esque sitcom with nudity and simulated sex, than a proper soft-core romp.

I realize the issue is around CBC using government funding to pay for explicit programming. At the same time…a French cable show, with racier-than-usual material? By this definition of porn, quite a few TV Funhouse segments, like “Jokamel” and “Porn for Kids” – are “porn.”

Yeah, I know I’m reaching, with references to a long-cancelled Robert Smigel program. I’m just saying.

Continue reading TV, Eh? Industry Update – TOU.TV, CRTC, CBSC/Toronto media, more →