It’s business as usual at CHEK-TV, thanks to last-minute negotiations that saw the troubled Victoria station change hands from Canwest Global Communications to its employees themselves.

Financial terms of the deal were not disclosed, though employees did raise $2.5 million in their bid to keep the 50-year-old station – which services Victoria and Vancouver Island – on the air. Canwest indicated in a release that CHEK was sold for a ‘nominal’ price.

About 45 employees now own roughly 20% of the station, while four Vancouver Island business people also came in as private investors/co-owners, according to CHEK general manager John Pollard.

The change of control and issuance of a new licence is conditional upon CRTC approval. Pollard says Canwest still owns the licence – while the station is being held in trust by a third party until the CRTC grants the licence to the new ownership group.

Pollard says details are still being worked out as to who will be in charge of programming and other areas. Canwest says it will continue to provide transitional support services and leased space to ensure a smooth transition.