Canada's Standard To Spin Part Of Company Into Public Trust
May 19, 2006 at 5:06 PM (PT)
STANDARD RADIO has announced that it will sell part of its business to a new publicly traded income trust being set up specifically for the purpose. Besides setting up STANDARD RADIO INCOME FUND, STANDARD is also setting up SR LIMITED PARTNERSHIP, which would be part-owned by the income trust, to acquire some of the broadcasting assets plus STANDARD's interests in INTEGRATED MEDIA SALES and SOUND SOURCE NETWORKS.
The company has not disclosed how much of the company it is spinning off into the IPO. STANDARD owns 51 Canadian radio stations, two TV stations, online interests, and part of SIRIUS CANADA.