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CCR Update

News | 05/11/2005 4:00 am EDT

MTV terminates agreement with Craig, CHUM to rebrand MTV Canada and MTV2
Viacom International’s MTV Networks International has terminated the agreement it had with Craig Media for the Category 1 MTV Canada channel and the Category 2 music video channel MTV2, so new owner CHUM Ltd. says it will rebrand them effective June 30. The channels’ new names and program titles will be revealed shortly. CHUM acquired the two channels when it purchased Craig Media on December 1, 2004. Under the terms of the agreement between Craig and MTV Networks, the deal could be terminated upon a change in control of the channels. CHUM will be required to pay MTV Networks the licence fees remaining under the terms of the agreement, which amount to about $10 million. MTV Networks no longer has the option to acquire an equity interest in the two channels.

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