TORONTO – Standard Radio announced after the markets closed this afternoon that the company has filed for an initial public offering.
In legalspeak, "a preliminary prospectus has been filed with all securities regulatory authorities in Canada for an initial public offering of units of the Standard Radio Income Fund. The Fund was created to indirectly acquire and hold an interest in SR Limited Partnership, which has been formed to acquire, among other things, certain of SRI’s radio broadcasting assets, the shares of Integrated Media Sales Inc. held by SRI, and the business of Sound Source Networks operated by Standard Broadcast Productions Limited.
The IPO does not include the company’s 40% share of ownership in satellite radio operator Sirius Canada, nor its other minority investments in Haliburton Broadcasting or Milestone Broadcasting.
Speculation on a Standard move such as this was noted a month ago.
Standard Radio owns and operates 51 radio stations in five provinces and 29 markets across Canada, including Canada’s six largest metropolitan areas.
In addition to conventional radio broadcasting, Standard Radio’s business includes:
* Standard Interactive, an Canadian online music and entertainment network (this division owns parts of Iceberg Media and Puretracks).
* Sound Source Networks, a radio content service provider offering a comprehensive range of targeted programming;
* IMS, a national radio advertising sales company
* two television stations located in northern British Columbia.
The underwriting syndicate to be formed in connection with the offering is being co-led by joint bookrunners Scotia Capital Inc. and RBC Capital Markets.
"I am proud to say that we have built Standard Radio into one of Canada’s leading English radio broadcasters and we are extremely excited about the next phase of our company’s development," said Allan Slaight, executive chairman of Standard Broadcasting Corporation Limited, in the press release.
"The creation of the Standard Radio Income Fund provides the company with a solid platform for growth of our core business," said Gary Slaight, president and CEO, in the release. "This in turn will further fortify Standard Radio’s position as one of Canada’s leading commercial English radio and online broadcasters.
