(Excerpts from the Globe and Mail, click linky to go to full story)
CTVglobemedia Inc. has struck a deal to sell half its stake in the company that owns the NHL's Toronto Maple Leafs and the NBA's Toronto Raptors to fellow owner Lawrence Tanenbaum.
Mr. Tanenbaum said in a news release Friday that the media company has agreed to sell him 7.7 per cent of Maple Leaf Sports & Entertainment Ltd., a transaction that will make him the second-largest shareholder in MLSE after the Ontario Teachers Pension Plan. CTVgm is currently the second-largest shareholder in the company.
The parties did not disclose the price, but it is thought to be between $90-million and $100-million.
The private company does not disclose its financial results, but sources told The Globe and Mail last month that it generated about $80-million in profit in its latest fiscal year and was valued at as much as $1.6-billion a year or more ago.