May 9, 2006
O.K. Radio Group Ltd. Announces the Sale to The Jim Pattison Broadcast Group of Victoria, British Columbia
Radio Stations
May 9, 2006 (Victoria/Kamloops, BC) - O.K. Radio Group Ltd. and The Jim Pattison Broadcast Group today jointly announced that O.K. Radio Group Ltd., based in Edmonton, Alberta and Victoria, BC has agreed in principle to sell its two market-leading radio stations (and related assets) to The Jim Pattison Broadcast Group. The stations involved in the transaction include:
- 100.3 The Q! The Island's Rock (CKKQ-FM); and
- The Zone @ 91.3 (CJZN-FM)
"In all of Western Canada, it would be hard to find two radio stations with a better market presence and finer people than 100.3 the Q and The Zone @ 91.3. On behalf of the 425 members of The Jim Pattison Broadcast Group team, I am so pleased to have been given this opportunity by Roger Charest and Stu Morton to purchase these great radio operations from O.K. Radio Group Ltd. With this acquisition, The Jim Pattison Broadcast Group really completes a strategic vision to create a pre-eminent British Columbia-owned and operated broadcasting group. Upon the closing of this transaction, we will have radio stations servicing both the two largest metropolitan markets, in Vancouver and Victoria, and the other key markets in BC, including Kamloops, Kelowna, Prince George, Cranbrook and the East Kootenay and, upon the closing of the acquisition of Island Radio's six stations, the leading radio stations in Central and Northern Vancouver Island" said Rick Arnish, President of The Jim Pattison Broadcast Group. "We have been privileged to know and work on broadcast industry associations with Stu and Roger for a great many years, and also have a long association with General Manager Dan McAllister and General Sales Manager Brian Blackburn. We are just delighted to be given this opportunity to join forces with the entire Victoria Radio team."
Roger Charest, majority owner, President and CEO of O.K. Radio, said that "When Stu Morton and I decided to retire from the broadcasting business, we were convinced that the best interests of our Victoria radio properties and, just as importantly, the great team of people who make those stations so special, would be best-served if they were acquired by The Jim Pattison Group. We have found an owner that shares our commitment to the people who make the operations work so well, and a broadcast group that will make both our stations better, but also benefit from the unique operating philosophy that has made 100.3 the Q and The Zone @ 91.3 the top station group in Victoria."
Stu Morton, O.K. Radio's Chief Operating Officer and Roger Charest's partner, added: "We know that Rick Arnish and The Jim Pattison Broadcast Group are totally committed to going above and beyond in each market they are licensed to serve, and that this commitment will carry on the unique legacy of our great stations in the Victoria marketplace. This is a great day for our people, for southern Vancouver Island and for the wonderful advertising clients it has been our privilege to support and serve since 100.3 the Q was first launched in Victoria in 1987."
Dan McAllister will continue to lead the teams at CKKQ-FM and CJZN-FM, and all of the staff members at both stations will be offered positions with The Jim Pattison Broadcast Group.
The sale, the final terms of which are still being discussed by the parties, is subject to approval from the Canadian Radio-television & Telecommunications Commission (CRTC), for which an application will be submitted shortly.
O.K. Radio Group Ltd. is the leading radio broadcasting company in Victoria and, from its headquarters in Edmonton, operates radio stations in Edmonton, Fort McMurray and Grande Prairie, Alberta. For information on 100.3 the Q, please visit: www.TheQ.fm, and for information on The Zone @ 91.3, please visit www.TheZone.fm.
The Jim Pattison Broadcast Group, with its headquarters in Kamloops, BC, is the industry's largest private, western-based broadcast group, currently operating twenty radio and three television stations in Alberta and British Columbia, and with an application currently before the CRTC seeking approval for the acquisition of six central and northern Vancouver Island radio stations operated by Island Radio Ltd. Pattison Broadcasting is a proud division of The Jim Pattison Group, a diversified group of operating businesses, based in Vancouver, which has grown to become the third largest privately-held company in Canada.
For further information, please contact:
Stu Morton, Chief Operating Officer
O.K. Radio Group Ltd.
Tel: 403.609.7473
Rick Arnish, President
The Jim Pattison Broadcast Group
Tel: 250.372.3322
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