Corus Entertainment has announced it will comply with the CRTC’s order to divest its 50% interest in The Family Channel, provided it retains the right to buy it back in the event the commission changes its policy on cable ownership.

Corus has issued a Request Sale Notice to its trustee Keith Campbell, who has requested an extension to March 31 to complete the transaction.

"This sale process will allow the trustee to determine if it is in the best interest of Corus to accept fair market value for The Family Channel or enter into a transaction which will allow us to repurchase at a later date, in the event of a favorable CRTC decision on cable ownership policy," says John Cassaday, Corus president and CEO.

The buy-back provision could preclude Astral Media, which owns the other 50% of the channel, or any other interested party from picking it up in the meantime.

Alliance Atlantis Communications has expressed interest in the channel as a perfect complement to its children’s label and growing pool of hot specialty services.

In other divestiture news, the CRTC has ordered CTV to sell its interest in Sportsnet by March 24.

The broadcaster was first ordered to sell the asset a year ago when it picked up The Sports Network through the NetStar deal, but has been taking its time to keep the channel out of the hands of BCE competitor Rogers Communications, which owns the remaining 40% of the channel. *

-www.corusent.com

-www.ctv.ca