CANADA'S HEADLINE SPORTS TO COME UNDER NEW OWNERSHIP

          Headline Sports, a three-year old Canadian TV
     broadcaster "that offers 24-hour sports highlights to more
     than five million" homes, is set to be "taken public in a
     reverse takeover," according to sources cited by Barry
     Critchley of the NATIONAL POST.  In the reverse takeover,
     "it is understood" that Old Canada Investment Corp. will
     acquire Headline Sports, whose parent company is Sportscope
     TV Network, via an all stock exchange.  Critchley added that
     the newly formed company will be valued "at more than"
     C$150M. Sportscope co-Owner John Levy will be the largest
     shareholder in the group (NATIONAL POST, 9/13).  Levy, and
     his partner Alliance Atlantis Communications, along with
     Frank Mersch and Griffiths McBurney & Partners, intend to
     invest approximately C$27.5M as a private placement in the
     company.  The company will be renamed Headline Media Group,
     with Levy having voting control (Headline Sports).