The CRTC has approved the sale of two Ottawa radio stations to Toronto-based Corus Entertainment in a deal worth almost $16 million. The stations, CKQB-FM 106.9 FM The Bear and CJOT-FM Boom 99.7, are currently owned by Bell Media. It was required to sell the stations by the CRTC when it approved Bell’s acquisition of Astral Media over the summer, reported The Ottawa Business Journal.
The deal will see Corus pay $10 million to acquire Active Rock CKQB and its translator in Pembroke, ON. For Classic Hits CJOT-FM, Corus will pay $3 million.
Adding to the value of the transaction is $1.1 million in non-cash working capital and the $1.6 million in leases that Corus will take on, said the story.
Corus will also pay $24,000 to license the station’s trademarks, “The Bear” and “Boom,” for 10 years.
The CRTC also ordered Corus to give $954,647 over the next seven year to several specific programs that support emerging musical talent and community radio.