Blue Ant Media, part owner of Quarto Communications which publishes titles such as Cottage Life and Canadian Home Workshop magazines, is buying High Fidelity HDTV.

Meanwhile, Torstar, with its flagship Toronto Star newspaper, has announced it is buying a 25 per cent interest in Blue Ant.



Blue Ant has entered into an agreement to acquire the Canadian broadcaster High Fidelity HDTV and its four high definition channels - Oasis HD, eqhd, radX and HIFI HD. A release notes the company will initially purchase 29.9% of shares in High Fidelity HDTV, with the remaining 70.1% closing subject to CRTC approval.

Providence Equity Capital Markets has committed to "providing additional financing to Blue Ant Media as part of the High Fidelity HDTV acquisition", according to another release. Blue Ant Media is also a majority shareholder of GlassBOX Television.

"We believe it's a great time to establish and grow a new kind of media company in Canada and our investments in High Fidelity and GlassBOX provide a robust and complementary offering for audiences," said Michael MacMillan, chief executive officer of Blue Ant Media. "We are pleased Torstar Corporation sees the opportunity with our company. Their participation along with Providence will further boost the support of our properties."

High Fidelity HDTV and Blue Ant Media "intend to swiftly submit an application to the CRTC for approval of the acquisition."

High Fidelity's eqhd station is scheduled to launch Walrus TV, based on the award-winning magazine's content, on Jan. 10. Shelley Ambrose, co-publisher of The Walrus, assured the takeover won't affect the television launch plans.