Toronto-based Standard Radio Inc. completed the acquisition of 65 radio stations from Telemedia located in Ontario, Alberta and British Columbia on April 29, 2002 for $384.5 million. In two related transactions, which closed concurrently with the Telemedia transaction, 13 of the acquired radio stations in Ontario were sold by Standard to Rogers Broadcasting Limited for $100 million and 15 of the stations located in Alberta were sold by Standard to 3937844 Canada Inc., a subsidiary of Newcap Inc., for $39.3 million.
Standard also recently acquired a Montreal station in exchange for a Winnipeg station and $8 million in a transaction with CHUM Limited, which closed on February 1, 2002, and acquired four radio stations in Manitoba from Craig Music & Entertainment Inc. for $20 million on March 21, 2002. Standard was represented in all the transactions by McCarthy Tétrault LLP, with a team led by Owen Johnson (corporate) and Peter Grant and Grant Buchanan (CRTC matters), and including Iain Morton, Andrew Armstrong and Suzanne Murphy (corporate), Jillian Welch and James Warnock (tax), Paul Boniferro (employment), Danielle Bush and David Ma (intellectual property) and Oliver Borgers (competition).
Telemedia was represented by Monique Després, vice-president, general counsel and secretary, and by Stikeman Elliott with a team led by Pierre Raymond and Franziska Ruf (corporate), Luc Bernier and Christian Meighen (tax), David Martin, Michael Dyck, John Dow, Anna Romano and Valérie Mac-Seing (real estate), Mirko Bibic (intellectual property) and Larry Cobb (environmental).
Rogers was represented by in-house counsel Michael Webber, and by Lang Michener with a team that included Carl De Vuono and Daniel Rowntree (corporate), Bruce McKenna and John Payne (real property) and Peter Giddens (intellectual property).
Newcap was represented by Dick Jones, Q.C., of Stewart McKelvey Stirling Scales in Halifax. CHUM was represented by Roxanne McCormick and Sean Stevens (corporate) and Colleen Spring Zimmerman (intellectual property) of Fasken Martineau DuMoulin LLP in Toronto. Craig Music was represented by Michael Guttormson of Aikins, MacAulay & Thorvaldson.