Big Canadian Deal: Astral Buys Standard
February 26, 2007 at 5:34 AM (PT)
ASTRAL MEDIA announed FRIDAY that it has a letter of intent to buy STANDARD RADIO. The deal would fold STANDARD's 52 stations in 29 Canadian markets into ASTRAL, along with sales division IMS and SOUND SOURCE NETWORKS. ASTRAL would end up with 81 stations, making it the largest radio broadcaster in CANADA. The deal would be valued at about C$1.2 billion but would not include STANDARD's 40% stake in SIRIUS CANADA.
STANDARD has been considered in play for a sale after an attempt to convert the group into an income trust failed last year.