– 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
The Score is Canada’s third largest specialty sports channel with 6.6
million television subscribers, offering niche headline sports news
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.