The owner of 52 radio stations across three Canadian provinces and the Northwest Territories led by President Bryan Edwards has gained regulatory approval for its purchase of 21 properties from iHeartRadio partner Bell Media.
In a “Broadcasting Decision” released Thursday by the Canadian Radio-television and Telecommunications Commission (CRTC), the regulatory body similar to the FCC in the U.S. gave a green light to Vista Radio Ltd.’s application to acquire and control English-language commercial radio programming undertakings in British Columbia.
“The Commission finds that approving this transaction is in the public interest, as it will help ensure that the stations continue to serve the various communities in British Columbia,” the CRTC said. “These stations will be operated by a new commercial licensee who is committed to showcasing a diversity of voices and emerging Canadian musical artists and providing local programming to the communities.”
That would be Vista Radio, which operates under a motto of “Great Radio Where You Live.” This includes eight hyperlocal audio brands in Alberta and the Northwest Territories; 12 offerings across British Columbia; and eight audio services in Ontario.
Until now, Vista Radio’s market composition ranged from Prince George, B.C.; the Cowichan Valley to the north of Victoria, B.C.; and Stratford, Ont., near London and Kitchener.
With the CRTC approval, Vista Radio — a privately owned Canadian radio broadcasting company controlled by Westkirk Capital Corp., a wholly owned subsidiary of SEB Investments Ltd., which is majority held by Thomson Investments Ltd. — will gain control of stations it agreed to acquire in February 2024.
As the CRTC details, the purchase price for the assets is $3,036,000. Interestingly, Vista proposed a value of the transaction of $5,561,647, which included the purchase price and the total value of leases payable over five years.
There are no liabilities being assumed nor working capital transferred at closing.
Vista also proposed a tangible benefits package of $333,698.82, which represents the minimum 6% of the proposed value of the transaction, the CRTC shared.
Ultimately, the CRTC found that the value of the transaction is $6,476,695, factoring in the revised value for assumed leases over five years. It demonstrates one clear difference between the CRTC and FCC with respect to regulatory approval of broadcast radio station sales. The CRTC also took into account local programming content obligations in its deal approval.
“We are delighted to move forward and welcome the talented teams and these outstanding stations into Vista Radio,” said Edwards. “Their values and focus on local programming, community service, and economic support align perfectly with our own. Together, we will enhance the strength of every market we serve, bringing even greater value to listeners, local businesses, and communities across British Columbia.”
Approval of the transaction didn’t come without its detractors. The CRTC received interventions in support of Vista’s application from Text Groove Communications Inc. , PayVibe/Daily Deal Builder, LeanStream and Pro Bona Group, as well as a joint supporting intervention filed by the applicant on behalf of various parties.
The CRTC also received interventions commenting on the application from the National Campus and Community Radio Association (NCRA), the Community Radio Fund of Canada (CRFC), the Public Interest Advocacy Centre (PIAC), the Conseil provincial du secteur des communications du Syndicat canadien de la fonction publique (CPSC-SCFP), the Forum for Research and Policy in Communications (FRPC), and an individual.
Bell Media will continue to own and operate radio stations in Victoria, the capital of B.C., and Vancouver, its largest city.
Vista Media is acquiring the following properties in the Canadian province of British Columbia from Bell Media:
- CFTK Terrace
- CHOR-FM Summerland
- CHRX-FM Fort St. John and its transmitter CHRX-FM-1 Dawson Creek
- CHSU-FM Kelowna and its transmitter CHSU-FM-1 Big White Mountain
- CHTK-FM Prince Rupert
- CICF-FM Vernon and its transmitter CICF-4-FM Armstrong/Enderby
- CILK-FM Kelowna and its transmitter CILK-FM-1 Big White Mountain
- CJAT-FM Trail and its transmitters CJAT-FM-1 Castlegar, CJAT-FM-2 Grand Forks and CFKC Creston
- CJDC Dawson Creek and its transmitter CJDC-FM-1 Tumbler Ridge
- CJFW-FM Terrace and its transmitters CJFW-FM-1 Kitimat, CJFW-FM-2 Prince Rupert, CJFW-FM-3 Sandspit, CJFW-FM-4 Masset, CJFW-FM-5 Burns Lake, CJFW-FM-6 Smithers, CJFW-FM-7 Houston and CJFW-FM-8 Hazelton
- CJMG-FM Penticton and its transmitter CJMG-FM-2 Oliver
- CJOR Osoyoos and its transmitters CJOR-FM Oliver and CIOR Princeton
- CKCR-FM Revelstoke
- CKFR Kelowna
- CKGR-FM Golden and its transmitter CKIR Invermere
- CKKC-FM Nelson and its transmitters CKKC-1-FM Crawford Bay, CKBS-FM Nakusp, CKZX-FM New Denver and CKZK-FM-1 Kaslo
- CKNL-FM Fort St. John
- CKOR Penticton
- CKRX-FM Fort Nelson
- CKTK-FM Kitimat
- CKXR-FM Salmon Arm and its transmitters CKXR-FM-1 Sorrento, CKXR-FM-2 Enderby and CKXR-FM-3 Sicamous
