CRTC OKs Astral-Standard Deal
October 1, 2007 at 5:35 AM (PT)
The CRTC has approved ASTRAL MEDIA's purchase of STANDARD RADIO for C$1.08 billion. ASTRAL has agreed to spend C$63.3 million over seven years on "tangible benefits" like local content. The deal will result in ASTRAL owning 83 stations in eight provinces. Closing is expected on OCTOBER 29th.
The commission also approved ROGERS MEDIA's purchase of the five CITY-TV stations spun off in the CHUM-CTVGLOBEMEDIA deal for C$375 million. ROGERS has committed to spending C$37.5 million over seven years on local high-quality programming and documentary grants.