Teachers’ to purchase CTVglobemedia stake in Maple Leaf Sports & Entertainment
TORONTO - Erol Uzumeri, Senior Vice-President, Teachers' Private Capital (TPC), 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 (MLSE).
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.
CTVglobemedia Inc. is Canada's premier multimedia company with ownership of CTV, Canada's #1 television network, and The Globe and Mail, Canada's #1 national newspaper. CTV Inc. owns and operates 27 conventional stations across the country, with interests in 32 specialty channels, including Canada's #1 specialty channel, TSN. CTVglobemedia also owns the CHUM Radio Division, which operates 34 radio stations throughout Canada, including CHUM FM, Canada's # 1 FM station.
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment department of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 284,000 active and retired teachers. For more information visit www.otpp.com.
Maple Leaf Sports & Entertainment, Canada's largest sports enterprise, owns and operates four professional sports franchises (Toronto Maple Leafs, Raptors, FC and Marlies), the Air Canada Centre (a sports and entertainment venue), BMO Field, and Ricoh Coliseum, all located in Toronto. The company also owns broadcasting operations, and retail and real estate developments.
Senior Vice President,
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Ontario Teachers' Pension Plan