GATINEAU – Stingray Group’s proposed purchase of two Welland, Ont. Radio stations was approved by the CRTC today.
Stingray announced the deal to buy CIXL-FM (Giant FM) and CKYY-FM (Country 89) from R.B. Communications for $6.5 million in October.
“Stingray Radio proposed a value of the transaction of $6,868,940, which includes working capital amounts of $360,000, as well as an assumed lease valued at $8,940. The applicant proposed a tangible benefits package of $412,136, which is equal to 6% of its proposed value of the transaction,” reads the decision.
