TORONTO – Larche Communications and Rogers Communications today announced a swap of two Ontario radio stations.
Larche, which already operates another station in central Ontario, agreed to acquire CICX FM Orillia (105.9 Jack FM), from Rogers while RCI bought Larche’s 50% ownership of CIKZ FM (The Beat 91.5) in Kitchener. (CanWest owns the other half of the station, but announced in October it was selling its two Canadian radio assets to Corus Entertainment. The Commission has not yet made a determination on that sale.)
Financial terms of today’s deals were not disclosed.
"This swap makes great strategic sense for our company," said Paul Larche, president of Larche Communications. "It will allow us to better compete and consolidate our efforts in central Ontario, where we already own CICZ FM Midland (KICX Country 104.1)."
"We have been fans of Paul Larche and his organization for years," added Gary Miles, RCI’s radio CEO. "We believe this exchange makes perfect sense for both companies. We both share the same operating philosophies and commitment to broadcasting. CIKZ FM will make a great addition to our Kitchener holdings."
Rogers already owns CHYM-FM (96.7 "Today’s Lite Rock"), and CKGL-AM (570 News)
The sale is subject to approval from the CRTC.
