CRTC Approves COGECO Purchase Of Corus Quebec Stations, Orders CKOY Divestiture
December 17, 2010 at 2:24 PM (PT)
The CRTC has approved the sale of CORUS ENTERTAINMENT's QUEBEC radio holdings to COGECO, but disallowed COGECO's proposal to turn French Active Rock CKOY/SHERBROOKE to a rebroadcasting transmitter of French Sports CKAC-A/MONTREAL, and has ordered the company to divest itself of CKOY.
As part of the deal, COGECO is establishing a province-wide news and programming agency, COGECO NOUVELLES, and is also getting a waiver to allow it to own three FMs in MONTREAL.
The deal includes French Sports CKAC-A, French Hot AC CKOI, AC CFQR (THE Q 92.5), and French Talk CHMP (FM 98,5)/MONTREAL, French Hot AC CFEL (102.1 CKOI) and French Oldies CFOM (SOUVENIRS GARANTIS)/QUEBEC CITY, French Oldies CHLT (SOUVENIRS GARANTIS)/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 at a price of about C$80 million. COGECO will spin off its own French AC CJEC (RYTHME FM) and the newly-acquired CFEL/QUEBEC CITY.