Rogers seeks Sportsnet control
Web has been administered by indie trustee for 18 mos.
The sports web has been administered by an independent trustee since Canuck regulators ordered CTV to sell its 40% stake 18 months ago as a condition of greenlighting its acquisition of TSN, Canada's leading sports broadcaster.
Rogers has complained that CTV is dragging its feet on the sale because parent company BCE -- which owns Bell Expressvu, a DTH rival to Rogers' cable biz -- doesn't want Rogers to buy it.
On Monday the trustee made the 40% stake available to Sportsnet's other shareholders: Rogers Broadcasting, a division of Rogers Communications; Molson; and Fox Sports Net Canada Holdings. No figures have been released for the deal.
The timing for Rogers couldn't be better. The Canadian Radio-Television and Telecommunications Commission (CRTC) has lifted the cap on cablers' holdings of analog specialty channels. Rogers owns 29.9% of Sportsnet, with another 10% held in trust because of the CRTC's position. As owner of the Toronto Blue Jays Baseball Club, Rogers has made no secret of its eagerness to acquire Sportsnet.
The shareholders have 10 days to make a decision before the shares become available to a third party.
