SBD/15/Sports Media

CANWEST SAYS IT'S OUT OF BIDDING FOR CANADA'S TSN

     Manitoba-based CanWest Global Communications, headed by NHL
Jets suitor Izzy Asper, said yesterday that it is "counting
itself out of any bidding war for John Labatt Ltd.'s broadcasting
properties," according to this morning's FINANCIAL POST.  But
industry sources believe CanWest may still be a potential bidder,
and some say the firm has already offered C$550M for The Sports
Network and The Discovery Channel.  CanWest Deputy Dir of
Corporate Development Greg Gilhooly:  "Not true."  Gilhooly said
they were rebuffed on their bids for the stations, and consider
themselves only a "buyer of last resort."  Sources say the
remaining bidders include Vancouver-based Western International
Communications Ltd. (WIC), Toronto-based Baton Broadcasting and a
group led by current TSN management (Michael Urlocker, FINANCIAL
POST, 6/15).  In Vancouver, David Baines notes that WIC "has the
financial capacity" -- the company showed C$100M in cash flow in
'94 and projects C$120M for '95 -- but also notes that "there is
no assurance TSN will maintain its monopoly" (VANCOUVER SUN,
6/17).
Return to top

Related Topics:

Labatt Brewing, New York Jets, NHL, Media

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug