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ARCHIVED -  Public Notice CRTC 1998-14

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Public Notice CRTC 1998-14
  Ottawa, 13 February 1998
  BBS Incorporated and CTV Television Network Ltd.
Across Canada - 199800371 - 199800389
  Corporate reorganization and ownership changes
  The Commission announces that it has approved, by Letter of Authority A98-0004 dated 23 January 1998, a corporate reorganization of Baton Broadcasting Incorporated (Baton), the parent company of BBS Incorporated (BBS), and CTV Television Network Ltd. (CTV).
  As a result of the corporate reorganization, Telegram Corporation Limited's 40.65% ownership interest in Baton will be equally divided among the four Eaton brothers and owned through their respective personal holding company. Following the corporate reorganization, the other principal shareholders in Baton would be Electrohome Limited at 19.21% and the Ontario Municipal Employees Retirement Board at 8.79% with the balance being widely held.
  Letter of Authority A98-0004 also approved a change in the effective control of BBS and CTV as Baton intended to enter into an undertaking agreement with a group of investment dealers with the objective of seeking capital infusion. The public offering, which included some or all of the Eaton holdings, was made through investment dealers and Baton anticipated that the shares would be distributed to the public on a widely-held basis. Consequently, the Commission noted that, as a result of the sale of shares, the effective control of BBS and CTV would change from a position where the Eaton Family was in a position of control to a situation of no clear-cut control.
  The Commission approved these applications with the understanding that Baton had committed to comply with the Direction to the CRTC (Ineligibility of Non-Canadians) and that it would provide a revised ownership within 10 days after completing of the public offering.
  Laura M. Talbot-Allan
Secretary General
  This document is available in alternative format upon request.
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