Decision CRTC: 2001-155
Ottawa, 28 February 2001
Ms. Kathleen McNair
Vice-President, Regulatory Affairs
Corus Entertainment Inc.
BCE Place, Bay-Wellington Tower
181 Bay Street, Suite 1630
Dear Ms. McNair:
Re: Application No. 200103531 - Approved
Request to extend the Corus Trust Agreement in respect of certain voting interests in The Family Channel Inc.
The Family Channel Inc. - National
Reference is made to Mr. Keith Campbell's letter of 19 February 2001 and to your letter dated 23 February 2001. The Commission has considered the request for authority to extend the trust arrangements established with respect to Corus Entertainment Inc. (Corus)'s indirect 50% voting interest in The Family Channel Inc. (The Family Channel). The Commission notes that a previous extension was granted on 1 September 2000 by letter of authority A00-0087 and another extension on 21 December 2000 by letter of authority A00-140, which expires on 28 February 2001.
The Commission has decided, in the circumstances, to extend the trust arrangements to 15 May 2001, subject to the following conditions of approval. The conditions reflect the Commission's expectation that the sale of the 50% voting interest in The Family Channel will be conducted in an expeditious manner:
- By copy of this decision, the Commission requires, as a condition of this extension, that the trustee, Mr. Campbell, reports in comprehensive detail to the Commission on the ongoing activities regarding the sale of the 50% voting interest in The Family Channel every 15 days;
- That the trust agreement be modified to reflect Decision CRTC 2000-752 and the shares of Corus Premium Corporation upon completion of the intra-corporate reorganization;
- That section 4(e) of the trust agreement be modified as follows:
a) That the divestiture procedures for the sale be initiated no later than 1 March 2001;
b) That the procedures for the sale be completed by 31 March 2001.
- That the agreement of purchase and sale provides that the vendor and the purchaser ensure that the appropriate application for the change in ownership and control of The Family Channel is filed with the Commission by 30 April 2001.
A copy of the revised executed trust, reflecting the above-noted amendments, is to be filed with the Commission within 7 days of the date of this letter.
The Commission notes that it received, on 20 February 2001, a copy of the Request Sale Notice issued by Corus to the trustee, under section 4(e) of the trust.
All letters of approval issued by the Commission are made available for public examination at the Commission's central office. The Commission also requires you to append this letter to The Family Channel licence.
Finally, this authority is not to be interpreted in any way as an indication that the Commission is predisposed to authorize the subsequent applications relating to the transaction.
c.c. Mr. K. Campbell
Date Modified: 2001-02-28