TORONTO and VICTORIA - CHUM Limited announced Friday the completion of its purchase of the radio assets of Seacoast Communications Group Inc. in Victoria, B.C. - which includes Victoria radio stations C-FAX AM and CHBE FM - for the previously announced purchase price of $7.5 million.
CHUM received CRTC approval of the sale earlier this month. The company also bought music production operation Seacoast Sound for $500,000.
"C-FAX and CHBE are important additions to our radio group," said Paul Ski, executive vice-president radio, CHUM Limited. "This was an attractive and strategic acquisition for CHUM given the solid growth of the Victoria market. We look forward to building on the success that Mel Cooper and his team have achieved over the years."
The buy also strengthens CHUM's overall foothold in the B.C. capital. Its TV station, The New VI, has struggled with poor ratings and has lost money since launch - but adding two radio stations to CHUM's Victoria media mix (including the second-highest rated station in the city, news/talk C-FAX) can only help the company's visibility with the various cross-promotional opportunities that multiple media outlets will afford.
"With the finalization of agreements and approvals, the future of C-FAX AM and CHBE-FM is now secure. Our 'family' radio operation now becomes part of the great and legendary CHUM group. It's a good day for the Victoria community, for radio listeners and for Seacoast staff," said Seacoast principal owner, Mel Cooper, in a release.
Cooper agreed to enter into a three-year contract with CHUM Limited to continue working with the stations as chair of community affairs.
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