RealTime IT News

Media Triumvirate Unleashes Multimedia Powerhouse

[Toronto, CANADA] BCE, Thomson Corporation and The Woodbridge Company today announced the creation of a premier multimedia company combining some of Canada's strongest media brands - - CTV, The Globe and Mail, Globe Interactive, and Sympatico.

The synergy resulting from this integrated cluster of media and content companies will generate far greater value together than as separate entities.

The new company will be able to leverage the most impressive Canadian presence on the Internet, reaching one-third of online Canadians with more than 200 million page views per month.

Once Sympatico-Lycos' Network of Web sites and Globe Interactive's 9 sites are brought together, the resulting resource will hold undisputed leadership in providing local and national Canadian Web content and resources.

BCE will own 70.1 percent of the new company and will contribute CTV and associated properties including NetStar, its 71 percent interest in Sympatico-Lycos and city sites such as Montrealplus.com and Toronto.com, and its 23 percent interest in Extend Media, a company specializing in converging TV and Internet content.

Thomson Corporation will own 20 percent of the new company and will kick in the Globe and Mail, Globe Interactive (which includes 9 popular Internet sites, including globeandmail.com, globeinvestor.com; and workopolis.com), and 50 percent of ROBTv, Canada's only specialty business news channel.

The Woodbridge Company will own 9.9 percent of the new company and will chip in Cdn $385 (US $566) million.

The new company will be headquartered in Toronto and will employ 4,000 people in offices and news bureaus across Canada and projected pro forma 2001 revenues of approximately Cdn $1.3 (US $1.9) billion.