CanWest Global Sells Two Canadian FMs To Corus
October 2, 2006 at 12:55 PM (PT)
CANWEST GLOBAL's Canadian radio division CANWEST MEDIAWORKS INC. is selling its only two stations, Top 40-Rhythm CKBT (91.5 THE BEAT)/KITCHENER-WATERLOO, ON and Jazz CJZZ (99.1 COOL FM)/WINNIPEG, to CORUS for C$15 million.
CANWEST MEDIAWORKS Pres./CEO PETER VINER said in a press release that "despite considerable efforts, the Company has not established, either through the award of additional radio licences by the CRTC or by acquisition, a sufficient presence in the Canadian radio market to achieve the economies of scale necessary for success in this highly competitive business. In light of that, the Company determined that its capital would be better deployed in higher growth opportunities and in supporting its core business requirements."