CORUS ENTERTAINMENT TO ACQUIRE RADIO STATION CIGR-FM FROM GROUPE GÉNÉRATION ROCK INC. CNW Corus Entertainment Inc. announced today that it has reached an agreement with Groupe Génération Rock Inc. to purchase Sherbrooke radio station CIGR-FM (Génération Rock). The transaction is subject to approval by the Canadian Radio-television and Telecommunications Commission (CRTC) and the acquisition price for the station is approximately $1.1 million Cdn (subject to the customary closing adjustments).
"Corus Entertainment is committed to strengthening our radio presence in Québec," said John Cassaday, President and CEO, Corus Entertainment. "The addition of Génération Rock is consistent with our growth strategy and will now offer a companion to our heritage news-talk station."
"Estrie's listeners will now have a diversified and complete radio experience with our two Sherbrooke stations, Génération Rock and CHLT-AM, the latter switching to FM at the end of June," said Jacques Papin, Vice President, Networks, at Corus Québec. "It's a great addition to our network which is already very strong in Québec."
The Groupe Génération Rock Inc. is pleased by Corus' agreement to purchase their station. "We are proud to conclude this transaction with Corus Entertainment which will benefit the entire Estrie region," said André Gagné, who spoke on behalf of his major partners, Jean-Pierre Beaudoin and Michèle Gagné. |