Corus Sells Quebec Stations To COGECO
April 30, 2010 at 4:53 AM (PT)
CORUS ENTERTAINMENT is selling its CORUS QUEBEC radio stations to COGECO INC. for about C$80 million. The stations include French Sports CKAC-A, French Hot AC CKOI, AC CFQR (THE Q 92.5), French Hot AC CFEL (102.1 CKOI) and French Oldies CFOM (SOUVENIRS GARANTIS)/QUEBEC CITY, French Oldies CHLT (SOUVENIRS GARANTIS) and French Active Rock CKOY/SHERBROOKE, French Oldies CJRC (104.7 SOUVENIRS GARANTIS)/GATINEAU-OTTAWA, French Hot AC CIME/ST. JEROME, and French Oldies CHLN (106.9 SOUVENIRS GARANTIS)/TROIS RIVIERES. CORUS will operate the stations until the deal closes.
"CORUS ENTERTAINMENT has made the strategic decision to divest of its CORUS QUEBEC radio stations and focus on brands in our Television division and our ONTARIO and Western Canadian radio stations," said CORUS Pres./CEO JOHN CASSADAY.
"We are pleased with the opportunity to pursue the development of these radio stations for the benefit of members of the QUEBEC community in which we have grown, in particular in broadcasting, for the last 53 years," said COGECO Inc. Pres./CEO LOUIS AUDET.
CIBC WORLD MARKETS INC. is acting as CORUS' financial advisor for the deal.