Principals of Magnetic Enterprises are finalizing arrangements to acquire all the Toronto-based company’s undertakings. cfo Bruce Grant and vp engineering Tony Meerakker are planning to purchase the company, which is comprised of post facilities Magnetic North and Magnetic South, music production arm Magnetic Music and sound facility Masters Workshop.

The move caps a long period of speculation that current owner Rogers Communications would sell the company after it acquired previous Magnetic owner, Maclean Hunter early last year.

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Telefilm Canada is launching a loan guarantee program which will guarantee up to 85% of a bank loan and up to $1 million per project. Telefilm’s guarantee will not exceed $25 million at any given time. It is effective immediately.