GATINEAU — The CRTC announced Tuesday it will hold a non-appearing hearing on May 27 to consider the sale of several radio stations in Ontario and one in Vancouver.
The Vancouver radio station is CIRH-FM Vancouver (98.3 FM), currently owned by Roundhouse Radio, which is proposing to sell the station to Ontario-based Durham Radio Inc. (DRI) for either $701,000 (if the related applications are approved on terms and conditions acceptable to DRI) or $551,000 (if the applications are denied or approved on terms and/or conditions not acceptable to DRI).
In Toronto, Intercity Broadcasting Network is proposing to sell CKFG-FM Toronto (G98.7 FM) to numbered company 2784486 Ontario Limited, which is wholly owned and controlled by Neeti P. Ray. Under the asset purchase agreement between the two companies, Ray would acquire CKFG-FM’s assets for $5 million, and he has proposed a transaction value of $6.2 million, which includes the value of the leases assumed by Ray.
The CRTC will also consider an application by Local Radio Lab to acquire three radio stations from My Broadcasting Corporation (MBC) in Ontario — CIMA-FM Alliston (92.1 myFM), CJML-FM Milton (101.3 myFM) and CKMO-FM Orangeville (101.5 myFM). Local Radio Lab has agreed to pay $2.75 million for the stations’ assets and is proposing a transaction value of $3.26 million, which includes the cost of leases assumed by Local Radio Lab.
In another purchase application involving MBC, Lakeside Radio Broadcasting Corp. is proposing to buy three of MBC’s other Ontario radio assets: radio station CIYN-FM Kincardine and transmitters CIYN-FM-1 Goderich and CIYN-FM-2 Port Elgin (collectively known as Oldies 95.5, 99.7 and 90.9). Having agreed to pay $400,000 to acquire the three assets from MBC, Lakeside Radio is proposing a transaction value of $663,774, which includes the cost of leases being assumed by Lakeside Radio.
The CRTC will consider the transactions on May 27 at 11 a.m. at the Commission’s headquarters in Gatineau. The deadline for interventions, comments and answers is April 21.
More information is available in the Commission’s notice of hearing.
