Waters expanded from radio into the television market by buying Barrie CBC affiliate CKVR in 1969, four television stations in the Maritimes in 1972 which formed the CTV-affiliated Atlantic Television System (ATV), and then Toronto's fledgling CITY in 1978. Today CHUM consists of 33 radio stations, 12 television stations and 21 specialty channels, including MuchMusic, Bravo and Space.
Waters stepped down from the Board of Directors on October 29, 2005. Waters' sons James Waters and Ron Waters serve on CHUM Limited's board of directors. His son James (Jim) took over as head of CHUM from the elder Waters.
Waters died on December 3, 2005 at the age of 84.