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Astral makes move on Standard

Briefs | 03/01/2007 5:00 am EST

What was perhaps the worst-kept secret in radio is finally out in the open: on February 23, Montreal’s Astral Media Inc. officially tendered a takeover bid for Toronto-based fellow broadcaster Standard Radio Inc. The offer would add Standard’s 52 radio stations across the country – including household names such as Ez Rock, Mix, The Bear and the AM-located Newstalk – to Astral’s existing stable of 29 properties in Quebec and the Atlantic provinces. As well, the Montreal-based company would acquire Standard’s national ad sales company, IMS; two BC television stations; and Sound Source Networks, a provider of radio content. A full 80% of the acquisition price will be paid in cash, with the remainder made up by a new issue of Astral class A shares.

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