VisionTV sells broadcasting assets to ZoomerMedia in $25 million transaction

On June 30, 2010, ZoomerMedia Limited (TSX VENTURE:ZUM) announced the completion of the acquisition of the business and undertakings of VisionTV for an aggregate purchase price of $25 million. The purchase price was paid at closing through the payment to VisionTV of $14 million in cash and $11 million by way of a promissory note payable over 10 years at an interest rate of 7% per annum in blended monthly payments.

Working closely with Terry Markus, Executive Vice President, General Counsel and Corporate Secretary of the S-VOX Group of Companies (which includes VisonTV), Fasken Martineau advised VisionTV with a team led by Barbara Miller (corporate/communications) and including, among others: John Elias, Kathleen Butterfield and Michael Gleeson (corporate); Katherine Pollock (employment); Stephen Whitehead (communications); Dan Law (real estate); and Paul Casuccio (commodity tax); assisted by transaction law clerk Gina Croce.