Metromedia Montreal Sold to Corus

[nmi@netcom.ca]

Metromedia CMR Broadcasting Inc., owners of CINW-AM 940, CINF-AM
690, CFQR-FM 92.5, and CKOI-FM 96.9,
this morning announced their intent to sell said properties to
Alberta-based Corus Entertainment, the spin-off of the Shaw Cable
empire, which recently swallowed the radio assets of the old
WIC Group.

Corus will immediately take control of the 29.9% of Metromedia
owned by the Toronto-Dominion Bank, with the acquisition of the
remaining 70.1% of shares held by Pierre Beland and Pierre Arcand
to be tendered subject to CRTC approval.

Total value of the transaction was valued at $185 Million (CAD).

Pierre Beland and Pierre Arcand will remain with Corus, as President
and Vice-President, respectively, of Corus Quebec Inc.

At a press conference held at the Metromedia Broadcasting Centre
(211 Gordon Avenue, Verdun), and reported between 0900 and 1000
on their 940News outlet, the company was saddled with about $25
Million in debt (much related to their losing efforts in the
850-to-690 and 600-to-940 all-news format and frequency shifts),
and that  consolidation was seen as the only solution in maintaining
station employment and long-term viability.

It should be noted that Corus' holdings currently do not include
any stations operating on a news-clock, with most AMs in their
stable being a mixture of conservative talk (a consultant-driven
shift to Hot Talk for CFYI-640 Toronto is rumoured), country
and oldies.  

With the losses incurred by the news-clocks at 690 and 940 mounting,
with record low listenership (0.7 share last Spring, 2/3 of listeners
lost from CIQC) ...it may not be too long before a Corus-led
charge to shift to a more realistic NewsRadio approach a la Clear
Channel's WIOD Miami and WTAM Cleveland may be in the offing.


Stephen Pickford

Host / Producer -- Travel World Radio Show
A Nascor International Production for the Liberty Works Radio
Network

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