The Canadian Radio-television and Telecommunications Commission has approved a seven-year licence for CHEK Media Group -- the maximum term allowed by the federal agency.

The broadcaster, acquired early last month from Canwest Global Communications for $2 and now operated with investments from 40 employees and private investors, called the licence transfer a "historic" move in both expediency and length of the deal.

"A licence transfer like this usually takes months," John Pollard, president and general manager of CHEK News, said yesterday. "They have reviewed our application and approved it in less than a month. We are excited by the confidence the CRTC has put into our organization. Now we can move forward with the plans we have to provide Vancouver Islanders with a stable, reliable news source and to ensure Islanders will continue to enjoy the news they have come to rely on."

When asked why the station asked for a seven-year term when most stations go year to year, Pollard said, "Frankly, it's a lot of paperwork and we just want to get on with our business plan."

CHEK news director Rob Germain said the station is already exceeding the amount of local content required under the new agreement. "Our licence only requires us to produce seven hours of local content a week ... we are generating more than seven hours of local news and information programming per day."

CHEK, established in 1956 as western Canada's first private broadcaster, was slated for closing in late August after Canwest Global said the station had been losing money for years -- by some media reports up $12 million a year.

But employees and 10 private investors rallied to salvage the station and keep it on the air.

Among the private investors with the largest commitment is Levi Sampson, president of the company running Harmac in Nanaimo, where a similar employee-led bid led to the survival of the pulp mill. Graham Barnes, a consultant from North Saanich, is another major shareholder while there are about eight other unnamed investors.

Pollard said reports that CHEK was losing about $1 million a month "are not accurate," but he did admit that conventional television across-the-board faces mounting losses and significant challenges in attracting advertising revenue, as viewers switch to specialty channels and the Internet. He said CTV alone is forecasting a $100-million loss for its TV network this year.

Pollard is one of four account executives currently selling advertising for CHEK. Two new reps were hired last week, including one for the mid-Island. Canwest Global still represents the station in the B.C. advertising market and Airtime Sales, a Toronto-based company, sells national ads for the station.

Pollard said CHEK's focus on Island news and issues is different from a network station that tries to be all things to all viewers. "We're doing news on the Island and B.C.," he said, "and we watch what we spend very closely."

The station currently runs its local news program from noon until 7 p.m., with updates every hour, and then from 10 until 11:30 p.m.

CHEK will continue to run Global National news hour at 5:30 p.m. and use the Global network's news feed from Vancouver and other areas of the province for its local broadcasts until at least next March. When that agreement with Global expires, Pollard said it may be renewed or CHEK could subscribe to other services for its off-Island news feed.

The broadcaster also has no immediate plans to leave its current studio headquarters on Kings Road, between Douglas and Blanshard streets. The company has leased the building until the end of August and has the first rights on renewal, provided Canwest still holds the asset at that time.

"There are all sorts of things in the works," said Pollard.

"We may decide to buy the building or we may decide to move. I'll tell you, though, it's a pain to move a TV station."

dkloster@tc.canwest.com