ASTRAL MEDIA TUNES INTO TELEMEDIA STATIONS
By Adnews Staff
In an effort to further expand its radio business, Astral Media has signed an agreement to acquire Telemedia Corporation's radio stations in Quebec, New Brunswick and Nova Scotia. The price tag for the 19 stations is $225 million in cash and stock. Telemedia's portfolio in Quebec includes six FM stations which form the Rock Détente network, two French-language stations and an English-language station. In Atlantic Canada, Telemedia owns eight English-language stations, four FM and two AM, in New Brunswick and two FM stations in Nova Scotia. Astral Media will also acquire Telemedia's 50 per cent interest in Radiomédia, which operates AM stations in Montreal and Quebec, the Radiomédia news and sports networks and the Radio Plus advertising sales agency. Astral already owns the other 50 per cent of Radiomédia. The acquisition remains subject to regulatory approval.