Erol Uzumeri, Senior Vice-President, Teachers' Private Capital, 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.
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.