- Transaction closed into trust; pending final CRTC approval -
TORONTO, Oct. 19, 2012 /CNW/ - Rogers Media Inc. today announced it has closed the previously announced acquisition of all of the issued and outstanding shares of Score Media Inc. (the Transaction). The Transaction received shareholder and court approvals earlier this week.
The shares of Score Media, which are currently being held in a trust approved by the Canadian Radio-television and Telecommunications Commission (CRTC), will be released to Rogers Media upon receipt of final approval by the CRTC. A decision is expected in early 2013. CRTC-appointed trustee Peter Viner will oversee the day-to-day operations of Score Media pending receipt of the CRTC's final ruling.
Score Media consists of theScore Television Network (licensee of "The Score"), closed captioning service Voice to Visual Inc., and mixed martial arts program The Score Fighting Series. As part of the Transaction, Rogers Media's parent company, Rogers Communications Inc., acquired an 11.8 per cent equity interest in theScore Inc. (Score Digital).
The Score is Canada's third largest specialty sports channel with 6.6 million television subscribers, offering niche headline sports news information.
The total consideration paid by Rogers Media was $167 million.
Caution Regarding Forward-Looking Statements, Risks and Assumptions
This media release includes forward-looking statements and assumptions concerning our business with respect to our objectives and strategies to achieve those objectives, statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions, including with respect to the costs and benefits of the Transaction and all other statements that are not historical facts. We caution that all forward-looking information, including any statement regarding our current intentions, is inherently subject to change and uncertainty and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change. Therefore, should one or more of these risks materialize, should our objectives or strategies change, or should any other factors underlying the forward-looking statements prove incorrect, actual results and our plans may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and that it would be unreasonable to rely on such statements as creating any legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law.
About Rogers Media Inc.
Rogers Media Inc., a division of Rogers Communications (TSX: RCI; NYSE: RCI), is a diversified leading Canadian media company that engages in television and radio broadcasting, publishing, digital, and sports entertainment. Rogers Broadcasting has 55 AM and FM radio stations across Canada; television properties include six Citytv stations, five OMNI multicultural television stations, Sportsnet (consisting of four regional channels and the nationally-distributed Sportsnet ONE and Sportsnet World), and The Shopping Channel, a televised and internet shopping service. Rogers Publishing produces many well-known consumer and online magazines, such as Maclean's, Chatelaine, L'actualité, Canadian Business, and is the leading publisher of a number of industry, medical and financial publications. Rogers Media's suite of digital assets reaches 17 million unique visitors per month through more than 1,000 premium owned + exclusive and extended network sites. Rogers Media Inc. owns Rogers Centre stadium, a year-round sports and entertainment facility, and the Toronto Blue Jays Baseball Club.
SOURCE: Rogers Communications Inc.
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Rogers Media Inc.
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Bruce M. Mann
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