ARCHIVED - Decision CRTC 96-130
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Ottawa, 8 May 1996
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Decision CRTC 96-130
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3173836 Canada Inc.
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Richmond and Vancouver, British Columbia - 952464600 - 952465300
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Acquisition of assets
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Following a Public Hearing in Vancouver beginning on 27 February 1996, the Commission approves the applications by 3173836 Canada Inc. for authority to acquire the assets of the radio programming undertakings CISL Richmond and CKZZ-FM Vancouver, from South Fraser Broadcasting Limited (South Fraser), and for broadcasting licences to continue the operation of these undertakings.
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The Commission will issue licences to 3173836 Canada Inc., expiring 31 August 1999 (the current expiry date), upon surrender of the current licences. The licences will be subject to the same conditions as those in effect under the current licences, as well as to any other condition specified in this decision and in the licences to be issued.
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The purchaser, 3173836 Canada Inc., is a wholly-owned subsidiary of the vendor, South Fraser. 3173836 Canada Inc.'s applications to acquire the assets of CISL and CKZZ-FM are part of a corporate restructuring of South Fraser. The transaction is intended for administrative and tax purposes.
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The price of this transaction is $16,300,000 which reflects the fair market value of the assets transferred. 3173836 Canada Inc. will pay the purchase price to South Fraser by allotting and issuing to the vendor a number of class C shares in the purchaser's capital such that the fair market value of the class C shares is equal to the purchase price.
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In approving these applications, the Commission has taken into account the fact that 3173836 Canada Inc. is a wholly-owned subsidiary of South Fraser and that the transaction thus represents an intracorporate reorganisation without any change occurring in the control, programming or management of the stations in question.
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It is a condition of each licence that the applicant adhere to the guidelines on gender portrayal set out in the Canadian Association of Broadcasters' (CAB) "Sex-Role Portrayal Code for Television and Radio Programming", as amended from time to time and accepted by the Commission.
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It is also a condition of each licence that the applicant adhere to the provisions of the CAB's "Broadcast Code for Advertising to Children", as amended from time to time and accepted by the Commission.
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This decision is to be appended to each licence.
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Allan J. Darling
Secretary General |
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- Date modified: