By Andrew Green, Staff ReporterTHE DYNAMIC CVM Communications Group is once again in transition.
Plans announced for the Group to list on the Jamaica Stock Exchange are the latest advance in a process that started well over a decade ago.
It all started from an alliance formed in 1987 between Community Television Systems, Videomax and Mediamix. This was incorporated in 1990, granted an operating licence in March 1991, and began providing commercial television services in March 1993.
One rule governing the television licence application demanded that the three founders could own a maximum of 40 per cent of the shares but none could exceed 20 per cent. The remaining 60 per cent had to be owned in blocks not larger than 10 per cent. This condition forced the three founders Abe Dabdoub (Community Television Systems), Gerry Grindley (Videomax Productions) and Lennie Little-White (Mediamix) to invite other investors to participate.
These included Palace Amusements (Douglas Graham), Barclay Ewart, Serv-Well (Ray Hadeed), Island Life (Carlos de la Motta), Dynamic Sounds (Eddie Lee), Sonic Sounds (Neville Lee), DR Holdings (Don Rainford), Apex Film and Video (Bert Cooper), and Premium Investments (Winston Finzi).
The company operates under a licence from the Broadcasting Commission, which has an indefinite life.
CORE OWNERSHIP
Neville Blythe, the proprietor and executive chairman of the UGI Group, later bought the Videomax interest in the television station. The core ownership of CVM TV is now based around Videomax, Mediamix and Paradise Communications. Videomax is owned by businessman Neville Blythe, Mediamix by director Lennie Little-White and Paradise Communications by both Videomax and Mediamix.
Mr. Blythe, with his UGI Group of companies, seat in the driver's seat of CVM in 1999, when he replaced Douglas Graham in the post of board chairman. Graham had served as chairman from the 1993 when the television station first went on air.
CVM TV in April of 2003 acquired majority shares in the HOT-102 radio station, bringing it one step closer to becoming a diversified communications group. The UGI Group already held the X-News and Teen Herald newspapers in its portfolio. By August of that year, CVM-TV chairman Neville Blythe said CVM-TV was forming the CVM Communications Group to embrace television, radio, print and multimedia.
The CVM group now includes CVM Television, Hot 102, X-News and the Teen Herald.
