Bell Globemedia's out-of-the-blue takeover bid for CHUM may be bad news for staffers at the latter's TV and radio stations, and for those concerned about the concentration of ownership in the news media - but it could also lead to extra funding in the neighborhood of $170 million for independent producers, depending on the CRTC's math.

Pending approval by both the regulator and the Competition Bureau, the deal announced on July 12 will see BGM swallow CHUM and its 33 radio stations, 12 over-the-air TV stations and 21 specialty channels for $1.4 billion.

"Bell Globemedia is clearly the most logical buyer of CHUM," said BGM president and CEO Ivan Fecan in a statement. "There is a unique strategic fit to our operations that can make the united company a stronger national champion in broadcasting. We intend to maintain and build the valuable CHUM brands and develop more opportunities."

BGM also owns CTV, a platoon of specialties including TSN and MTV Canada, and The Globe and Mail.

But the CRTC, looking to offset the ill effects of consolidation, will also require BGM to set aside funding for independent producers. Such benefits packages are usually equal to 10% of a deal's price tag.

The question is, then, how much is CHUM really worth?

The CRTC must decide whether the benefits package will be based only on the $1.4-billion buyout offer for CHUM - in which case it will be around $140 million - or whether BGM is on the hook for the $300 million in debt it will assume, putting the tangible benefits closer to $170 million.

The value of the CHUM package may also be driven down by any radio stations included in the deal, as the CRTC traditionally demands only 6% for radio deals. Some radio stations may also be spun off, and the CRTC could force additional divestitures over media concentration concerns. CHUM, for instance, was forced to sell Toronto 1 when it bought Craig Media in 2004 because it shared a market with CHUM's Citytv flagship station.

BGM will also subtract what it receives for CHUM's six A-Channels and Access Alberta, all being put on the block in a preemptive effort to appease the CRTC.

BGM says it will keep CHUM's City stations, although they overlap with CTV affiliates in Calgary, Toronto, Vancouver and Winnipeg.

The deal will also presumably include CHUM's expansive library of Canadian-made shows, which will be useful to CTV and its sister channels - which tend to air mostly U.S.-made fare - as they move more into online broadcasting.

BGM says its CHUM package will likely be modeled on the $230-million BCE package - the result of Bell's purchase of CTV in 2000 - which aimed at putting as much money on the screen as possible, including $45.5 million for TV movies, $18 million for documentaries, and $25 million for dramas. The BCE package put cash into series including Degrassi: The Next Generation, Canadian Idol and MOWs such as Lives of the Saints and Spirit Bear.