Canwest sells CHEK-TV to employees and Victoria investors
Canwest Global Communications Corp. issued an unusual news release today.
It stated that its Victoria television station, CHEK-TV, has been sold to a local investor group.
But the news release did not identify those investors or release the purchase price. The news release hasn't been posted on Canwest's corporate site, either.
"Many dedicated individuals on both sides of the table came together and the result is that it has preserved jobs and service in the community," Canwest CEO Leonard Asper said in the news release.
He also said the winners are the people of Vancouver Island and the Lower Mainland. The sale requires the approval of the Canadian Radio-television and Telecommunications Commission.
It's only on the CHEK-TV site where people can learn that the employees were part of the winning bid.
"The lights are staying on for CHEK TV with approval of an employee-led bid to buy B.C.'s oldest private station from Canwest Global Communications," CHEK-TV states on its site.
According to the CHEK-TV report, employees contributed $500,000 to a $2.5-million bid that Canwest rejected late last month. Canwest had threatened to close the station on August 31.
Sep 5, 2009 at 9:26am
I hope they can spread their news content over both Vancouver and Victoria encouraging all Canwest/Gordo viewers and advertisers, to move to CHEK 6. This would help hasten the well deserved demise of Canwest/Gordo greatly benefiting the citizens of BC.
Hopefully the papers will go next.
Sep 5, 2009 at 9:31pm
I'm watching CHEK news online right now. It's a nice addition now that CBC noon news is cancelled at 11pm news is only 10minutes...
Sep 6, 2009 at 10:30am
Good on the folks at CHEK 6. They may catch the economic upswing depending on the timing of it and come out OK. Charlie, what are your thoughts on CHEK's employee owned model?
As well, I have to wonder if the sale signals a larger culling to come. If Canwest purged CHEK 6 because it was a money loser, then how long before it does the same with its money losing newspapers? What do you think Charlie?
High Fives, CHEK!!
Sep 6, 2009 at 12:41pm
CONGRATULATIONS to the CHEK employees and their supporters who made this happen, with a a focused, persistent intention for all the right reasons. They will thrive carried on a wave of public accolades and thirst for REAL news without the CanWest sanitized spin.
The 10 pm slot is a great innovation. Onwards and upwards, folks!