Astral: We Bid On CHUM, Too
July 13, 2006 at 12:10 PM (PT)
Canadian media company ASTRAL MEDIA saw fiscal third quarter revenues rise from C$144 to C$155.5 million, helping boost profit from C$29.6 to C$33.2 million (C61 cents/diluted share), and its radio division revenues rose 9% for the first nine months of the fiscal year, but the big revelation on the company's conference call was CEO IAN GREENBERG's comment that ASTRAL had made a bid to buy CHUM LTD. before BELL GLOBEMEDIA made its C$1.7 billion bid on WEDNESDAY.
GREENBERG said that ASTRAL "made what we considered a fair offer to their particular mix of assets and also given the potential synergies with our current assets. At the end of the day, we went as far as we could that made sense to create shareholder value. In the end, obviously, there was a superior bid." GREENBERG said his company will "continue to look at opportunities. We will continue to buy back shares. We will continue to look at our dividend."