Rogers Media Release on Shareholder Approval of Score Media Acquistion
The deal for Rogers to buy Score Media has passed another hurdle as all shareholder issues have been worked out. The deal now only needs CRTC approval, which should come early next year. Here is the Rogers press release.
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.