TORONTO and VANCOUVER – South Asian Broadcasting Corporation announced today it has completed the purchase of CIRC Radio Inc., the company which operates the Toronto FM radio station CIRV-FM, 88.9 known as “Toronto’s Multicultural Super Mix”.
Surry, B.C.’s SABC is controlled by Kulwinder Sanghera and also operates CKYE-FM, 93.1, serving the Greater Vancouver Region. Sanghera also controls CKYR-FM, 106.7 Calgary. Both multicultural radio stations are known to listeners as RED FM.
“I am honored to continue the broadcasting legacy started three decades ago by a Canadian pioneer of ethnic broadcasting, Mr. Alvarez,” said Sanghera, in a press release. Financial details were not disclosed.
“The acquisition of CIRV-FM Toronto provides us with the opportunity to serve listeners in three of the largest radio markets in Canada – Vancouver, Calgary and Toronto – and creates a national platform for advertisers who want to reach out to this expanding group of radio listeners. We will also expand our talent discovery contest, nationally,” Sanghera added.
Francisco (“Frank”) Sestelo Alvarez has operated CIRV-FM, since 1986. “It is the leading voice for multicultural communities in Southern Ontario. Mr. Alvarez will continue the operation of the national specialty television service, Festival Portuguese Television (FPTV).
CIRV-FM transmits from First Canadian Place and its signal can be received throughout the Golden Horseshoe of Southern Ontario, to the U.S. border.
CIRV-FM’s programming is predominantly Portuguese, Spanish and Chinese (Mandarin and Cantonese). It also airs Brazilian, Caribbean, Punjabi, Russian, Somali, Ukranian and Urdu programming.
The CRTC approved the transfer of ownership on October 12, 2016.
Capital Canada Limited acted as financial advisor to CIRC Radio Inc.
About Capital Canada Limited
Established in 1975, Capital Canada Limited is a mid-market independent investment banking firm which provides expert, financial advice to corporations and entrepreneurs in Canada and abroad. Capital Canada’s focus is in the private capital markets, providing investment banking services including mergers and acquisitions, private placements and general financial advisory services. Capital Canada is a recognized leader in providing financial advisory services to entrepreneurial Canadian broadcasters and has represented nearly all major market independent broadcasters in recent transactions. Capital Canada’s dedicated professionals provide hands-on, personalized attention in order to achieve the optimal outcome for the client. For more information, visit www.capitalcanada.com.