SALE OF ASTRAL QUEBEC STATIONS OFF
By Adnews Staff
Astral Media of Montreal has withdrawn its application to the Canadian Radio-television and Telecommunication Commission to transfer ownership of its AM radio stations and its CFOM-FM station in Quebec. Last fall Astral Media announced a deal to sell the stations to a company owned by Gaetan Morin, owner and president of Groupe Morin, and Sylvain Chamberland, president and general manager of CKAC-AM and Radiomédia, for $12 million. The application was withdrawn after Morin and Chamberland's company reached an agreement with Astral to rescind the offer to purchase the stations. Astral said it has been "compensated accordingly," but no financial details are known. A new buyer for the stations is being sought.
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