The CRTC has approved the transfer of ownership and effective control of Indie88 (CIND-FM) to Local Radio Lab Inc. from Rock 95 Broadcasting Ltd., a subsidiary of Central Ontario Broadcasting.
The commission says it will issue a new broadcasting licence to Local Radio Lab to continue operating the Toronto alternative music station under the same terms and conditions as those currently in effect. The new licence will expire Aug. 31, 2026.
As part of its decision to approve the transaction, the commission requires Local Radio Lab to pay $500,203 in tangible benefits, to be paid in equal installments over seven consecutive broadcast years and to be allocated as follows:
- 3 per cent ($250,101): to Canadian Starmaker Fund ($150,061) and Fonds RadioStar ($100,040)
- 1.5 per cent ($125,051): to FACTOR ($75,031) and Musication ($50,020)
- 1 per cent ($83,367): to any eligible Canadian content development initiative at the discretion of Local Radio Lab
- 0.5 per cent ($41,684): to the Community Radio Fund of Canada
