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CANWEST SAYS IT'S OUT OF BIDDING FOR CANADA'S TSN
Published June 15, 1995
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).