Bell Globemedia Makes C$1.7 Billion Offer for CHUM Limited

TORONTO, July 12: CTV parent company Bell Globemedia (BGM)
has made an offer to acquire CHUM Limited for C$1.7 billion ($1.5 billion) with
the full backing of CHUM’s controlling shareholders and board of directors.

While the estate of Allan Walters and related entities,
which own about 89 percent of CHUM, have entered into an agreement with BGM to
support the offer, CHUM can accept a better deal if BGM fails to match that
price after three business days. If this were to happen, CHUM would have to pay
BGM C$41 million.

"In Bell Globemedia's offer, we not only found value
for shareholders, but confidence that we would be placing CHUM in the hands of
an owner with the financial resources and track record to continue to grow and
build on our collective legacy," said Jim Waters, the chairman of CHUM

Ivan Fecan, BGM’s president and CEO and the CEO of CTV,
added, "We are able to make this premium offer because Bell Globemedia is
clearly the most logical buyer of CHUM. There is a unique strategic fit to our
operations that can make the united company a stronger national champion in
broadcasting. We intend to maintain and build the valuable CHUM brands and
develop more opportunities for Canadian programming."

Fecan continued, "With regulatory approval, we intend
to serve Canadian audiences with both CTV and Citytv stations. We will maintain
separate and independent news divisions in order to ensure a continued
diversity and competition in news coverage. The specialty television channels
of the two companies are complementary and we are excited by the prospects of
adding CHUM's strong radio stations to our services."