AIC Barbados Limited has announced the completion of the sale of CVM Television Limited to VertiCast Media Group Ltd.

In a joint statement from CVM and Verticast today (September 26), the entities indicated that, upon closing, CVM-TV will become a subsidiary of VertiCast.

Purchased by AICB in 2006, CVM is one of two 24-hour free-to-air broadcasters in Jamaica providing islandwide coverage.

Michael Lee-Chin, chairman of AIC Barbados Limited, said: “Our mantra is ‘prosperitas cum curitate’ which means ‘doing well by doing good’. 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 is expected to add reach and diversification to VertiCast’s existing broadcast network that includes
the regional sports channels 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.

Oliver McIntosh, VertiCast president and CEO, said: “VertiCast’s acquisition of CVM-TV is another step in our strategic vision to create a truly regional media company with unprecedented regional and intra-island reach. CVM-TV creates significant operational and strategic value for VertiCast, allowing centralized distribution of multiple channels over-the-air, on cable television and through its recently launched app. In the coming days, we will announce immediate, unprecedented enhancements to CVM-TV programming.”

VertiCast broadcast rights include FIFA World Cup Qatar 2022, England’s Premier League, the NFL, all national team football from Europe and EURO 2024-2028 across the Caribbean.

CVM programming broadcast across Jamaica includes its staple morning show and evening news as well as ISSA Schoolboy Football and the Jamaica Premier League.

Shamena Khan, CVM CEO, said: “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. I thank the staff of CVM for their efforts and contributions over the years. We are certain that VertiCast will continue to lead CVM’s expansion with its strong and experienced management team.”

The transaction has received the approval of the Broadcasting Commission of Jamaica (BCJ). VertiCast was advised on the transaction by JMMB Securities Ltd, Granderson Des Rochers, LLP (Los Angeles) and Samuda & Johnson, Attorneys-at-Law (Jamaica).