TORONTO, Aug. 20 /CNW/ - Erol Uzumeri, Senior Vice-President, Teachers'
Private Capital (TPC), the private investment department of the Ontario
Teachers' Pension Plan, today announced Teachers' agreement with CTVglobemedia
Inc. to purchase the multimedia company's remaining 7.7% stake in Maple Leaf
Sports and Entertainment (MLSE).
This will boost Teachers' ownership in MLSE to 66%. "MLSE has proven
itself an excellent investment for us over the years," said Mr. Uzumeri, who
noted that Teachers' acquired its initial interest in the company in 1994.
"Our increased investment in MLSE reflects our confidence in the
organization's long term success on and off the field of play."
Commenting on the sale, Ivan Fecan, President and Chief Executive
Officer, CTVglobemedia Inc. and Chief Executive Officer, CTV Inc. said, "CTV
wishes to thank MLSE for driving the growth of the company and helping us exit
profitably. The time is right for us to exit and redeploy the proceeds from
this sale to pay down debt."
Financial details of the transaction were not disclosed.
Closing will occur once league approvals have been obtained.
Lawrence M. Tanenbaum, the President of Kilmer Sports Inc. and Chairman
of MLSE, continues to be the second largest shareholder of MLSE with a 20.5%
stake. Mr. Tanenbaum purchased the first half of CTVglobemedia Inc.'s former
ownership position in a transaction that closed earlier this year.
CTVglobemedia Inc. is Canada's premier multimedia company with ownership
of CTV, Canada's No.1 television network, and The Globe and Mail, Canada's
No.1 national newspaper. CTV Inc. owns and operates 27 conventional stations
across the country, with interests in 32 specialty channels, including
Canada's No.1 specialty channel, TSN. CTVglobemedia also owns the CHUM Radio
Division, which operates 34 radio stations throughout Canada, including CHUM
FM, Canada's No. 1 FM station.
Teachers' Private Capital is one of the world's largest private equity
investors. It is the private investment department of the Ontario Teachers'
Pension Plan, the largest single-profession pension plan in Canada. The
Ontario Teachers' Pension Plan is an independent corporation responsible for
investing the fund and administering the pensions of Ontario's 284,000 active
and retired teachers. For more information visit www.otpp.com.
Maple Leaf Sports & Entertainment, Canada's largest sports enterprise,
owns and operates four professional sports franchises (Toronto Maple Leafs,
Raptors, FC and Marlies), the Air Canada Centre (a sports and entertainment
venue), BMO Field and Ricoh Coliseum, all located in Toronto. The company also
owns broadcasting operations, and retail and real estate developments.
For further information:
For further information: email@example.com, Senior Vice President,
Corporate Communications, (416) 384-7190; firstname.lastname@example.org, Director,
Communications, (416) 730-5347