Busted auctions: No buyers for Canadian media companies [Toronto Globe and Mail (Ontario, Canada)]
DHX MEDIA LTD VARIABLE VOTING SHARES (DHXM)
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Source: Toronto Globe and Mail
Investment bankers call them busted auctions: Companies that put up a “For Sale” sign, fail to find a buyer and face the daunting prospect of continuing to run the business without wealthy new owners. Canada’s media sector, traditionally a neighbourhood where any property put up for sale kicks off a bidding war, is currently littered with busted auctions. Businesses that were on the auction block this summer include Corus Entertainment Inc. and DHX Media Ltd., along with the magazines division of Rogers Communications Inc. The “For Sale” signs are still up on front yards. The reasons these businesses failed to find buyers are partly rooted in regulatory issues, but mainly a reflection of the sector’s daunting financial prospects. One long-term question that springs from a season of busted auctions is how the federal government should react when a once-vibrant domestic media industry becomes increasingly cash-strapped. Story continues below advertisement
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