AIC Barbados Limited has announced the completion of the sale of CVM Television Limited to VertiCast Media Group Ltd.
There have been reports that a deal of this was in making for some time, finally, we can safely say that VertiCast Media Group will be managing the company.
AIC purchased CVM in 2006 and it has grown the network into what it is today. CVM today is one of the 2 major 24-hour free-to-air broadcasters in Jamaica along with Television Jamaica (TVJ).
Prominent Businessman Michael Lee-Chin who is the Chairman of AIC Barbados Limited had this to say about the deal, “CVM TV is an essential part of the fabric of Jamaica and we have been privileged to steward it over these past several years. We believe VertiCast is the perfect fit to carry on CVM’s expansion regionally.”
CVM-TV CEO Shamena Khan commented: “having transformed CVM-TV to a fully HD broadcaster that is a leader in the media space, we depart with enormous pride in the legacy of developing a transformative, committed, and talented team of individuals and a profitable media entity.”
Meanwhile, Oliver McIntosh, VertiCast CEO, expressed, “CVM-TV creates significant operational and strategic value for VertiCast, allowing centralized distribution of multiple channels over-the-air, on cable television.”
Verticast Media has been on a roll this year, they have purchased the rights to all 38 broadcasts the Premier League football for the next three seasons starting in August 2022.
The rights run until the end of 2024-2025 and cover the entire Caribbean region spanning 26 countries including Trinidad and Tobago, the Dominican Republic, Barbados, and Jamaica — a market of more than 44 million people.
They also hold exclusive and non-exclusive rights to the upcoming FIFA men’s World Cup games in Qatar.
CVM will further add to VertiCast’s group’s current influence in the region and will be alongside regional sports channels such as CSport and CSport2. The acquisition creates significant value and strengthens VertiCast’s revenue base by providing national reach for its content and the opportunity to tap into the national advertising market across Jamaica.
