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ARCHIVED - Broadcasting Decision CRTC 2003-54

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Broadcasting Decision CRTC 2003-54

Ottawa, 19 February 2003

MediaNet Canada Ltd.
Toronto, Ontario

Application 2002-0915-7

Change in ownership - Transfer of control

1.

The Commission received an application by MediaNet Canada Ltd. (MediaNet) for authority to effect a transfer of shares.

2.

The Commission released three MediaNet decisions1 for licences to operate the Category 2 specialty services NewsInternational, MovieWorld and Music Music Music. The undertakings have not yet commenced operation and the transfer would therefore occur prior to the issuance of the licences for these undertakings.

3.

MediaNet was originally owned by two shareholders, namely, Peethambaran Koneswaran who owned 51% of the shares, and Phillip Koneswaran who owned 49% of them.

4.

As a result of this transaction, Padmini Koneswaran, the wife of Peethambaran Koneswaran, will acquire 40,500 Class A common shares (57.45%) in MediaNet, and Peethambaran and Phillip Koneswaran will each hold one Class A common share. Three new shareholders, Kevin Davis, Lalitha I. Brodie and Emil Vassenine, will each hold 10,000 Class A common shares (14.18% each). Emil Vassenine is a non-Canadian as defined in Direction to the CRTC (Ineligibility of non-Canadians), amended by P.C. 1998-1268, 15 July 1998.

5.

The Commission reminds the licensee that it has not yet fulfilled all the requirements with respect to the issuance of its licence, as set out in Ownership and launch requirements for Category 1 and Category 2 specialty services, Public Notice CRTC 2001-98, 30 August 2001. Accordingly,the Commission will only issue the licences for these undertakings once it has received documentation confirming that the licensee has entered into a distribution agreement with at least one licensed distributor, and once the licensee has informed the Commission in writing that it is prepared to commence operation.

6.

In view of the particular circumstances of this transaction, the Commission approves the application to effect a transfer of shares in MediaNet.

7.

The Commission will modify its ownership records accordingly. 

Secretary General

This decision is to be appended to the licence. It is available in alternative format upon request, and may also be examined at the following Internet site: www.crtc.gc.ca

1 NewsInternational - Category 2 specialty service,Broadcasting Decision CRTC 2002-269; MovieWorld - Category 2 specialty service, Broadcasting Decision CRTC 2002-270; Music Music Music - Category 2 specialty service, Broadcasting Decision CRTC 2002-271, all dated 4 September 2002.

Date Modified: 2003-02-19

Date modified: