Business
DHX Media receives CRTC approval on $170M acquisition of Family Channel and three other children's channels
- Competition Bureau approval also received - - Transaction expected to close on or ab...
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[{"type":"text","content":"\n\n\n- Competition Bureau approval also received - \n- Transaction expected to close on or about July 31, 2014 -\n\n\nHALIFAX, July 24, 2014 /CNW/ - DHX Media Ltd. (\"DHX\" or the \"Company\")\n (TSX: DHX) today announced it has received final approval from the\n Canadian Radio-television and Telecommunications Commission (\"CRTC\") on\n the proposed acquisition of Family Channel, Disney XD, Disney Junior\n (English-language channel) and Disney Junior (French-language channel)\n (together, the \"Family Channel Business\"). On November 28, 2013, DHX\n announced it had entered into a definitive agreement to acquire the\n Family Channel Business from Bell Media for approximately $170 million\n in cash, subject to certain customary post-closing adjustments. The\n acquisition has now met key regulatory requirements for completion,\n having also received approval from the Competition Bureau in December\n 2013, and is expected to close on or about July 31, 2014. At that time,\n the Company also expects to close its previously announced senior debt\n financing.\n\n\nCRTC approval was obtained substantially on the terms set out in DHX's\n application and commitments made during the CRTC process.  Among other\n things, the CRTC approved DHX's request to permit Family to source up\n to 40% of its Canadian programming schedule, exclusive of filler\n programming, from related companies.\n\n\n\"Family is the number one channel across all kids' audiences in Canada,\n and we are delighted that CRTC approval puts us on track to close the\n acquisition of this preeminent outlet, along with the highly successful\n Disney XD and the Disney Junior channels,\" said Michael Donovan, CEO of\n DHX Media. \"With the largest independent library of children's\n television series in the world, our primary focus at DHX is providing\n entertainment for kids and families. The acquisition of these\n high-quality kids' brands complements and enhances all areas of our\n business and positions us for our next stage of growth. We look forward\n to welcoming the teams from these channels to DHX.\"\n\n\nAbout DHX Media\nDHX Media (www.dhxmedia.com) is a leader in the creation, production and marketing of family\n entertainment.  DHX Media owns, markets and distributes over 10,000\n episodes of entertainment programming worldwide and licenses its owned\n pr...