Rogers waives minority ownership of CP24 by Grant Robertson

Rogers Communications Inc. has waived its minority ownership in the Toronto television news channel CP24. Rogers was to inherit a 20-per-cent stake in the channel through its $375-million deal to buy CITY-TV from CTVglobemedia Inc. However, the two companies reached an agreement to transfer the one-fifth stake back to CTV, which wanted to own the news channel outright. The arrangement was finalized yesterday when the Canadian Radio-television and Telecommunications Commission halted an application to transfer ownership of the stake to Rogers. Terms of the arrangement were not disclosed. CTVglobemedia is the parent company of CTV and The Globe and Mail. RCI.B (TSX) rose 42 cents to $43.42.

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