Just weeks after Corus conceded to sell its stake in Family Channel, CTV has chosen a trustee to effect the sale of its interest in Sportsnet.

In approving CTV’s acquisition of NetStar, which included the top-rated sports channel TSN, the CRTC ruled in March 2000 that the broadcaster must divest its 40% interest in Sportsnet within a year.

The concern was, of course, that, with the acquisition of TSN, CTV would have an unfair competitive advantage in the sports programming arena.

However, with Rogers Broadcasting (BCE’s foremost cable competitor) holding a 29% interest in the channel (with an additional 10% in trust), as well as first right of refusal on its sale, CTV has waited until the final hour before surrendering the channel.

Alliance Atlantis Communications, CBC, Corus Entertainment and Astral Media have all expressed interest in the three-year-old channel, which boasts 7.3 million analog subscribers.

With the specialty channel frenzy in full throttle, there’s no telling the kind of premium Sportsnet will fetch, especially considering that WTN recently sold for a whopping $205 million, 24 times its EBITDA.

With the cable ownership review still underway, there’s also no telling whether Rogers will be permitted by the CRTC to take an increased ownership position in the channel, in spite of its first right of refusal. *

-www.ctv.ca