CRTC approves sale of CHEK to Victoria investor for $2

The CRTC has approved the sale of Canwest's CHEK-TV station in Victoria to a group of investors for $2. The federal regulator said Monday that the TV operations and related transmitters can be sold to a private numbered company owned by a consortium of local investors, 39 employees of the TV station and the Communications Energy and Paperworkers Union. In its decision, the CRTC noted that CHEK-TV is losing about $12 million per year and "has not shown any marked improvement in profitability over the past three years."