When First Choice Canadian Communications Corp. made its application to the CRTC in September 1981, the individuals and companies involved in the proposed channel included Donald Sobey (of the Sobeys supermarket chain), J. R. McCaig, Norman Keevil, television producer Riff Markowitz, Royfund Equity Ltd. (a mutual fund division of the Royal Bank of Canada), AGF Management Ltd. and Manufacturers Life Insurance Co. Together, they had $19 million in equity financing and proposed to spend $310.4 million over five years on Canadian television production. Estimated profit (over five years) would be $3.1 million. A pay television licence was issued by the CRTC to First Choice on March 18, 1982. The channel's first president was Donald MacPherson.