Zoomer magazine and media empire grows with takeover of Vision TV

The empire of Moses Znaimer, publisher of Zoomer Magazine and proprietor of Zoomer Media, just got bigger with the announced aquisition of Vision TV, its digital specialty channel ONE: Mind & Spirit and two JoyTV specialty channels in Winnipeg.

Zoomer has agreed to pay $25 million for the television enterprise, including all the shares of Christian Channel Inc. and of Vision TV Digital Inc. The deal involves $14 million in cash and a 10-year, $11 million promissory note. The deal is being financed by the issuance of 176 million new shares of Zoomer at a price of 10 cents a share; Fairfax Financial Holdings Limited has agreed to subscribe to the issue, which represents 28% of the company.

The takeover, expected to close in the spring of 2010, is still subject to CRTC approval.

"VisionTV has been broadcasting for 20 years and we believe that this network as well as the Joytv stations and One: the Body, Mind & Spirit channel will add tremendous value to ZoomerMedia" said Moses Znaimer in a release.

"These acquisitions will enrich Zoomer's media assets to include radio and television broadcasting, as well as video production. In addition to being attractive businesses in their own right, we expect their complementary nature to Zoomer's magazine and on-line/web holdings will further facilitate the expansion of the Zoomer concept, and will assist CARP significantly in expanding its membership base. It also puts me back into TV, where I have a little experience, and a few ideas that should grow shareholder value."

Said Vision TV President and CEO Bill Roberts: "This value transaction is in the best interests of our viewers, our stakeholders and the VisionTV Charity - and at a time of consolidation in the media industry, it represents a bold and affirming commitment to diversity and independent Canadian broadcasting. Our respective brands share complementary audience demographics and a common commitment to high-quality, award-winning Canadian content, and we welcome the opportunity to pursue exciting new opportunities together. We are also pleased that this business arrangement will re-energize the VisionTV Charity, providing the ample resources it needs to re-invent itself for the 21st century.

Zoomer publishes Zoomer Magazine, which is published nine times a year, with paid subscriptions of 180,000 and an estimated 15,000 copies sold on newsstands. It also provides marketing and membership services to CARP, the association for the 45-plus in Canada, with about 350,000 members and publishes websites and electronic newsletters under the brand 50plus.com.

VisionTV launched in September 1988 and is available to over 9 million cable and satellite subscribers aross Canada. It is licensed as Canada's only (possibly the world's only) multi-faith specialty television service. It has 1.6 million viewers each week. The VisionTV viewer demographic trends towards the 45 and older age group. Its associated digital channel One: Mind & Spirit, is 53% owned by Canwest Global, Radio-Nord and Renewal Partners Company, but Vision TV is acknowledged as the managing partner.

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