The commission on Friday approved the transfer of TQS from Quebecor Inc. to Cogeco and Bell Globemedia.
The total value of the transaction is about $73.9 million. Cogeco will own 60% and Bell Globemedia will own 40%. The transfer affects the TQS network licence, television stations in Montreal and Quebec City, a transmitter in Rimouski, as well as TQS' 20 % ownership interest in the French-language pay-per view channel, Canal Indigo.
The approval is conditional on TQS applying to amend its licence so that 92% of the tangible benefits – which amount to 10% of the total value of the transaction, or $7.39 million – will be directed to independent production and the remaining 8% to support the Quebec broadcasting industry in the areas of training and professional development. For the complete Decision CRTC 2001-746, go to: http://www.crtc.gc.ca/archive/ENG/Decisions/2001/db2001-746.htm
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