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TCI/LIBERTY ENTER SWEEPSTAKES FOR CANADA'S SPORTS CHANNEL
Published June 16, 1995
A group led by management at Labatt Communications' The Sports Network have been given until Monday to secure financing for their bid for Labatt's broadcast assets, estimated at C$630M, according to this morning's FINANCIAL POST. Belgian brewer, Interbew SA, which launched a friendly takeover of Labatt last week, has to sell the company's broadcasting holdings to comply with Canadian law. The Labatt group includes Labatt Communications (LCI) Chair Gordon Craig, LCI COO Richard Peddie, TSN President Jim Thompson, with backing from John McCaw of Northwest Entertainment Group, ESPN, and Stephen Bronfman of Montreal-based Claridge Inc. Their competition includes a bid from Alliance Communications, which has joined forces with Liberty Media, an off-shoot of TCI. By allying with Liberty, Alliance hopes for the "same strategic fit" that LCI management has with ESPN. Other bidders: Western Int'l Communications, Astral Communications and CanWest Global Communications (Gayle MacDonald, FINANCIAL POST, 6/16).