CRTC OKs Corus Sherbrooke Deal
January 2, 2008 at 5:32 AM (PT)
CORUS gets a CHRISTMAS present from the CRTC with the approval of its purchase of French Classic Rock CIGR/SHERBROOKE from GROUPE GENERATION ROCK, INC. for C$1.1 million, subject to the condition of a minimum of C$66,000 in tangible benefits and Canadian content development funding. CORUS also owns Talk CHLT-F, which moved to FM on AUGUST 20, in the SHERBROOKE market.
The Commission also approved the swap of two FM stations in ONTARIO between ROGERS and LARCHE, with ROGERS buying LARCHE's CIKZ (KICX 106)/KITCHENER for C$12.2 million, said compensation including Adult Hits CICX (105.9 JACK FM)/ORILLIA, valued at C$4 million, plus C$4.2 million cash and the rest in a promissory note that would redeem ROGERS' 29.9% ownership of LARCHE.