Canadian media company CHUM Limited announced today (April 12) that it has signed an agreement to purchase Calgary-based TV broadcaster Craig Media Inc. for Canadian $265 million ($197.8 million) in c

Canadian media company CHUM Limited announced today (April 12) that it has signed an agreement to purchase Calgary-based TV broadcaster Craig Media Inc. for Canadian $265 million ($197.8 million) in cash. The deal includes the digital channels MTV Canada, MTV2 and TV Land, which Craig owns and operates; conventional television stations in Edmonton, Calgary and Winnipeg; CKX, a Canadian Broadcasting Corp. affiliate in Brandon, Manitoba; and the recently launched Toronto1.

Toronto-based CHUM plans to finance the purchase with bank debt.

The transaction is subject to approval by the Canadian Radio-television and Telecommunications Commission (CRTC) and other regulators. CHUM expects to be in a position to file an application with the CRTC for transfer of ownership of Craig Media's broadcasting assets in mid-May.

One of Canada's leading media conglomerates, CHUM owns and operates 30 radio stations, eight TVstations and 18 specialty channels, including MuchMusic and its AC counterpart MuchMoreMusic.