Astral Media to buy Standard Radio
By Adnews Staff
Astral Media of Montreal has signed a letter of intent to acquire “substantially all of the assets” of Standard Radio. These assets include 52 radio stations in 29 Canadian markets, including EZ Rock, Mix, The Bear and Newstalk, as well as advertising sales company IMS, content provider Sound Source Networks and two television stations in northern British Columbia. The transaction is expected to consist of 80% cash and 20% Astral non-voting shares. With this purchase, Astral will own 81 radio stations in Canada, making it the largest radio broadcaster in the country, according to the company. “With the acquisition of Standard Radio, Astral Media will not only be acquiring the best performing radio stations in the country, we will at the same time acquire a company with similar values and culture,” said Ian Greenberg, president and CEO of Astral Media. The deal is subject to due diligence, the signing of a definitive agreement and regulatory approval.