Tuesday, March 30, 2010

CRTC approves takeover of Vision TV by Zoomer magazine publisher

The Canadian Radio-television and Telecommunications Commission (CRTC) today approved the $29 million takeover of the multifaith television channel Vision TV by Moses Znaimer's ZoomerMedia Limited, which owns Zoomer magazine.  
The decision means that in a series of steps, ownership will be transferred for the specialty television service VisionTV, the Category 1 specialty television service ONE: The Body, Mind and Spirit Channel and the television stations CHNU-TV Fraser Valley and CIIT-TV Winnipeg.  ZoomerMedia receives a new broadcasting licence to continue the operation of VisionTV.
In a separate, but related decision, ZoomerMedia was approved to acquire all the shares of MZ Media, wholly owned  by Moses Znaimer and which owns the unlaunched Category 2 specialty programming undertaking to be known as Classical Digital and holds licenses for CFZM, CFMZ-FM, CFMZ-DR-1 Toronto and CFMX-FM Cobourg, Ontario.
Once the dust has settled,  ZoomerMedia will continue to be effectively controlled by Znaimer,  directly and indirectly, through his holding corporation Olympus Management Limited, with a total of 66.28% voting interest. 
As part of its undertakings to the commission, ZoomerMedia Limited has promised to provide about $2,232,000 in tangible benefits to various broadband, television and documentary projects over the next 7 years. It is required to submit a plan for spending the money within 30 days.


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