ASTRAL TO SELL QUEBEC AM STATIONS TO TVA, RADIO NORD
By Adnews Staff
Astral Media Inc. of Montreal is preparing to sell its AM radio stations in Quebec to TVA Group Inc. and Radio Nord Communications Inc. One FM station, CFOM of Quebec City, will also change hands. TVA and Radio Nord will form a new venture to purchase the stations, 60% owned by TVA and 40% owned by Radio Nord. The deal, which has a price tag of $12.7 million dollars, is expected to close in 2003. Having disposed of these stations at the behest of the Competition Bureau, Astral is now free to proceed with the acquisition of 19 radio stations in Quebec and Atlantic Canada owned by Telemedia. TVA-Radio Nord will gain, in addition to CFOM-FM, CJRC in Hull, CKRS in Chicoutimi, CHLT in Sherbrooke and CHLN in Trois-Rivières. The latter two stations are part of the Telemedia package. TVA-Radio Nord will also get the assets of Radiomédia jointly held by Astral and Telemedia: CKAC of Montreal and CHRC of Quebec City. "We are glad to be concluding this transaction with TVA-Radio Nord," said Astral Media president Ian Greenberg. "We can now refocus our efforts on integrating the Telemedia stations we are acquiring and to furthering the growth of our radio business."