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Cogeco Announces the Sale of CJEC-FM and CFEL-FM(November 30, 2011)
MONTREAL, QUEBEC -- (Marketwire) -- 11/30/11 -- Cogeco Diffusion today announced the sale of two of its four Quebec City region FM radio stations to Leclerc Communication inc. The stations involved in the transaction are CJEC-FM and CFEL-FM.
The sale of CJEC-FM and CFEL-FM comes as the result of Cogeco Diffusion's commitment to the Canadian Radio-television and Telecommunications Commission (CRTC), at the public hearing on the acquisition of the Quebec radio stations of Corus Entertainment Inc. (Corus), to divest certain stations in order to comply with the common ownership policy in the Quebec City and Sherbrooke markets. At the time, Cogeco Diffusion stated its commitment to selling stations CJEC-FM and CFEL-FM in Quebec City, and CJTS-FM in Sherbrooke.
Following the closing of the transaction to purchase Corus' radio stations in Quebec and as required under the Broadcasting Act, the control and day-to-day management of the stations involved was transferred to a trustee, Mr. Fernand Belisle. The trustee was also responsible for overseeing sale proceedings for the radio stations.
"We are pleased to confirm the sale of the two Quebec City radio stations, CJEC-FM and CFEL-FM, to the team at Leclerc Communication," said Mr Richard Lachance, Senior Vice President, Radio and Cogeco Diffusion Inc. "Proceedings for the sale of CJTS-FM in Sherbrooke are continuing."
The sale of CJEC-FM and CFEL-FM to Leclerc Communication inc. is subject to the usual terms and conditions, including approval by the CRTC.
ABOUT COGECO DIFFUSION
Cogeco Diffusion, one of Quebec's largest radio broadcasters, is a subsidiary of COGECO Inc., a diversified communications company with subordinate voting shares listed on the Toronto Stock Exchange (TSX:CGO). Cogeco Diffusion operates thirteen (13) radio stations across Quebec: Rythme FM, CKOI FM, 98.5 fm, 92.5 The Beat and Radio Circulation 730 AM in Montreal; FM 93 and 102.9 FM in Quebec City; CKOI FM in Ottawa-Gatineau; CIME FM in Saint-Jerome; Rythme FM and CKOI FM in Sherbrooke as well as Rythme FM and CKOI FM in Trois Rivieres. Cogeco Diffusion also operates Cogeco News, one of Quebec's largest news agencies, feeding 24 affiliate, independent and community radio stations.
Director, Corporate Communications
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