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CBC raises $133M through asset sales

Dec 21, 2009

Source: CBC News

The CBC is to receive $133 million through the sale of some of its assets in a deal that will help the public broadcaster balance its books for 2009-10.

CBC chief executive Hubert Lacroix announced the sale to employees in a notice on Monday. The deal should go through by Wednesday, he said.

The money to be received represents the price of land sold around the Toronto Broadcast Centre in 2003, which was originally to have been paid in annual instalments until 2027.

Federal ministers and government officials had to approve the sale before the CBC could proceed.

Lacroix said he did not like the idea of "forgoing future revenue to solve an immediate cash flow problem."

However, he said the sale was an important part of the CBC's strategy to balance its budget by March 31, 2010. Ad revenue is below previous years, but in line with projections, he added.

© CBC News