Shaw does $20 million deal for TV stakes in Mystery and The Cave
The decision gives the broadcaster full control of the English-language specialty channels.
The CRTC on Wednesday approved Shaw Media acquiring TVA Group’s shares in Mystery TV and The Cave for a joint $20 million price tag, giving the broadcaster full control of the English-language specialty channels.
Shaw MEdia paid $18.1 million acquiring the 50% stake in Mystery that it did not already own, and another $2.2 million for the 51% stake in The Cave that it did not already own.
Mystery, which airs suspense and crime dramas, was jointly controlled by Shaw Communications and Quebecor’s TVA Group, and The Cave, a male-skewing lifestyle and entertainment channel, was 51% controlled by TVA, with Shaw holding the remaining 49% minority stake.
The CRTC put the proposed tangible benefits package for Mystery at $1.8 million, and $217,000 for The Cave.
Shaw proposed to direct 80% of the benefits package for each of the channels to development and creation of independently produced PNI, with the remaining 20% directed to third-party promotion of the homegrown programming, spreading the packages over seven broadcast years (until August 2019).
The regulator will issue new broadcasting licences for Mystery and The Cave under the same terms and conditions set out in the current licences to run to Aug. 31, 2016.