MONTREAL – Astral Media Radio has received CRTC approval to move forward with its purchase of Vancouver-based Shore Media Group Inc., three months after the Commission initially halted the deal.
As Cartt.ca reported, the Commission denied the acquisition after determining that it ran afoul of its licence trafficking policy. But the CRTC has now approved the $13.4 million transaction which is set to be completed early next year.
Shore Media is the radio licence holder for CHHR FM 104.3 (Shore FM). Astral also owns Virgin Radio 95.3 and AM 650, plus a nine-face digital outdoor advertising network in the Vancouver market.
"We are very proud to have Shore FM join the Astral family and reinforce our multiplatform presence in Vancouver and British Columbia, taking the number of radio stations that we operate in Canada to 84," said Astral Radio president Jacques Parisien, in Monday’s announcement. "The addition of a third radio station in the Vancouver market will enable us to become even more competitive and to continue to improve our offering to listeners and advertisers."
As part of the acquisition, Astral has committed to continue Shore FM's $7 million contribution over seven years towards Canadian Content Development investments, which includes funding of the 'Song Search' program aimed at introducing new Canadian talent to Vancouver listeners. Astral has also committed an additional $800,000 over seven years in tangible benefits to various community and industry organizations, including the Radio Starmaker Fund, Musicaction and the Community Radio Fund of Canada.
