MY Broadcasting Corporation based in Renfrew, Ontario, announced today they have entered into a definitive agreement to purchase Pineridge Broadcasting Incorporated of Cobourg, Ontario.
PBI owns and operates radio stations CHUC (107.9fm The Breeze), CKSG (Star 93.3fm) both based in Cobourg and CJWV (Magic 96.7) based in Peterborough.
Commenting on the proposed acquisition, MBC President, Jon Pole said, “We're thrilled to be buying these stations from exceptional operators who really know radio. I’m excited about the stations; they will fit nicely into our game plan of concentration in Ontario.”
The combination of these two Cobourg stations and Peterborough’s Magic 96.7 create a perfect fit to the MBC portfolio. When all pending deals are completed, the number of stations owned by MBC will be 20 (including a recently approved license for a new radio station to serve Milton, Ontario).
Don Conway, President of Pineridge said, “MY Broadcasting is the ideal group to continue Pineridge's legacy of super serving our local communities. “PBI could not be happier to have found such a great home for our stations and valued employees”, Conway added.
This transaction is subject to CRTC approval expected this summer.