Stingray to acquire CHOO-FM Drumheller from Golden West

Radio news from Alberta

Stingray to acquire CHOO-FM Drumheller from Golden West

Postby radiofan » Mon Jan 07, 2019 2:41 pm

January 07, 2019 16:00 ET | Source: Stingray Group Inc.

MONTREAL, Jan. 07, 2019 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX: RAY.A, RAY.B) is pleased to announce that its wholly-owned subsidiary, Stingray Radio Inc., has entered into an agreement to acquire the assets of CHOO-FM in Drumheller, Alberta, from Golden West Broadcasting Ltd. subject to approval from the Canadian Radio-television and Telecommunications Commission (“CRTC”).

“The acquisition of CHOO-FM offers an excellent opportunity for Stingray to add an FM station in Drumheller that will perfectly complement our Real Country-branded CKDQ-AM,” commented Ian Lurie, President, Radio Operations of Stingray. “The stations, under one ownership, can now focus on best serving listeners and clients in a small market environment where resources are challenged.”

Financial terms of the transaction have not been disclosed. However Stingray anticipates that the effective multiple paid is in the six times range. If approved, the closing is expected to take place mid-2019. ... rPI6178KX8
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