CanWest MediaWorks to sell its radio stations to Corus Entertainment
02 Octobre 2006 - 10:00PM
PR Newswire (US)
Expects to receive approximately $15 million TORONTO, Oct. 2
/PRNewswire-FirstCall/ -- CanWest MediaWorks Inc. announced today
that it had entered into an agreement with Corus Entertainment Inc.
for the sale of its two existing radio stations in Canada - 99.1
Cool FM in Winnipeg, Manitoba and 91.5 The Beat FM in Kitchener,
Ontario - for an aggregate cash price of approximately $15 million,
subject to certain customary price adjustments based upon the
stations' financial position at the completion date. Completion of
the transaction is conditional upon the purchaser obtaining CRTC
and any other necessary regulatory approvals. Peter Viner,
President and Chief Executive Officer of the Company's Canadian
operations, noted, "Despite considerable efforts, the Company has
not established, either through the award of additional radio
licences by the CRTC or by acquisition, a sufficient presence in
the Canadian radio market to achieve the economies of scale
necessary for success in this highly competitive business. In light
of that, the Company determined that its capital would be better
deployed in higher growth opportunities and in supporting its core
business requirements." CanWest MediaWorks Inc. is a wholly-owned
subsidiary of CanWest Global Communications Corp, (CanWest) (NYSE:
CWG; TSX: CGS and CGS.A, http://www.canwestglobal.com/). CanWest,
an international media company, is Canada's largest media company.
In addition to owning the Global Television Network, CanWest is
Canada's largest publisher of daily newspapers, and also owns,
operates and/or holds substantial interests in conventional
television, out-of-home advertising, specialty cable channels, Web
sites and radio networks in Canada, New Zealand, Australia,
Singapore, Indonesia, Malaysia, Turkey, the United States and the
United Kingdom. DATASOURCE: CanWest Global Communications Corp.
CONTACT: Betsy Chaly, Director, Corporate Communications, (416)
442-3807,
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