Telemedia Sells Radio Stations

Standard Radio Inc. and Telemedia Corp. announced on June 28, 2001 that they had entered into an agreement under which Standard would buy Telemedia’s remaining 60 radio stations in Ontario, Alberta and British Columbia. The transaction, which is subject to regulatory approval, will complete Telemedia’s exit from the Canadian radio business and establish Standard as the second-largest Canadian radio operation. No purchase price was disclosed for the sale to Standard Radio, which is a subsidiary of Standard Broadcasting Inc., the largest privately owned multimedia company in Canada.

Telemedia had previously announced on May 16, 2001 the sale to Astral Media Inc. for $255 million of Telemedia’s eastern Canadian holdings, including 19 radio stations in Quebec, New Brunswick and Nova Scotia. Stikeman Elliott in Montreal acted as legal counsel to Telemedia with a team that included Pierre Raymond and Franziska Ruf (corporate) and Frédéric Harvey and Luc Bernier (tax). Ogilvy Renault in Montreal acted as counsel to Astral with a team that included Norm Steinberg, Françoise Denault, Steve Malas and Steve Kelly (corporate) and Jules Charette (tax).

Standard is represented by McCarthy Tétrault LLP, with a team led by Owen A. Johnson (corporate) and Peter S. Grant and Grant Buchanan (CRTC matters). Other McCarthy Tétrault members acting for Standard are Jillian M. Welch and James Warnock (tax), Paul A. Boniferro (employment), Danielle M. Bush (intellectual property) and Oliver J. Borgers (competition). Stikeman Elliott in Montreal acted as legal counsel to Telemedia with a team that included Pierre Raymond and Franziska Ruf (corporate) and Frédéric Harvey and Luc Bernier (tax).