V Media Group and Bell Media announced earlier today they have entered into an agreement for the acquisition of MusiquePlus and MusiMax by V Media Group, owner of V Interactions. The transaction is subject to approval by the Canadian Radio-television and Telecommunications Commission (CRTC) and the Competition Bureau.
“A little over 5 years ago, we took on the challenge of reviving a television channel, V, and have successfully built a dynamic and effective television network,” said Maxime Remillard, President and CEO of V Media Group. “Today, we are proud to acquire MusiquePlus and MusiMax, reinforcing our commitment to become the independent Canadian leader in the production and broadcasting of multiplatform entertainment content.”
“MusiquePlus and MusiMax are an invaluable part of Québec’s television landscape, and I am extremely pleased that they are being acquired by V Media Group, a young media player whose dynamism is a perfect fit for the boldness and energy of MusiquePlus and MusiMax,” said Kevin Crull, President, Bell Media.
The acquisition of MusiquePlus and MusiMax is a result of Bell Media’s process of divesting certain properties to comply with regulatory conditions attached to the July 5, 2013 acquisition of Astral by Bell. With today’s announcement, Bell Media has now entered into agreements with buyers for all of the properties it was required to divest.