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OWNERSHIP OF CANADA'S TSN REPORTEDLY TO STAY IN THE FAMILY
Published June 19, 1995
The Sports Network, the principal media asset of Labatt Communications Inc. (LCI), will be sold today to a group that is led by TSN Founder & CEO Gordon Craig and other LCI executives, according to Rob Longley in this morning's TORONTO SUN. Also in the group, which is expected to pay C$630M for TSN and LCI's other broadcast holdings: ESPN and Montreal financiers Charles Bronfman and Jeremy Reitman (TORONTO SUN, 6/19). John McCaw, who holds a 60% interest in Northwest Entertainment Group (NEG), owner of the Canucks and Grizzlies, pulled out of the TSN- management group, but NEG Chair Arthur Griffiths said the company still wishes to enter the cable business (CP/TORONTO STAR, 6/19). Toronto-based Alliance Communications and TCI's Liberty Media have readied their own bid, but "are waiting to see the outcome" of the TSN management bid. In other news, sources said Alliance is in talks to sell a stake of itself to Turner Broadcasting. One source described the two happenings as "totally separate" (Gayle MacDonald, FINANCIAL POST, 6/17).