Jamaican free-to-air television station CVM has been sold to Verticast led by media mogul Oliver McIntosh, reliable sources have told the Jamaica Observer.

CVM Television Limited, which was acquired by Michael Lee-Chin’s Portland Holdings Limited, operates CVM-TV and its affiliate cable television platform CVM Plus.

McIntosh, who was in charge at Sportsmax for over two decades, recently created the integrated media platform Verticast and has acquired the rights to several high-profile properties such as the English Premier League.

CVM-TV was incorporated in 1990 and began operation in 1993. The network broadcasts 24 hours of news, sports and entertainment and is Jamaica’s second-largest television station.

It was first acquired by Lee-Chin in 2006 but has struggled with mounting debt and continues to lag behind its competitor for market share.

The sale was approved at a board meeting on Monday.

A press release is expected to be published shortly.