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SBD/August 17, 2012/Media
Bell, Rogers Cleared By CRTC To Purchase Majority Stake In MLSE
Published August 17, 2012
LOSING MONEY ON LONDON: The FINANCIAL POST's Jamie Sturgeon notes execs for Bell Media, the owner of CTV, which led coverage of the Olympics in Canada, "confirmed Thursday the joint partnership with the broadcast arm of Rogers Communications Inc. will lose 'tens of millions' of dollars on the marquee event, building on losses the two companies took in Vancouver two years earlier." Rogers and Bell partnered in '05 to pay C$153M to the IOC for the broadcast rights to the Games in '10 and '12. Losses for the London Games "weren’t as steep as they were for Vancouver," which cost C$90M compared with C$63M for the '12 rights. However, the "financial toll of the rights combined with production costs was enough to convince both parties to not renew the pact for the 2014 and 2016 events" (FINANCIAL POST, 8/17).