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8- The Oakville Beaver, Friday January 11, 2008 www.oakvillebeaver.com AM740 investors waiting for CRTC approval of sale By Wilma Blokhuis SPECIAL TO THE BEAVER The sale of CHWO AM 740 to former television guru Moses Znaimer for more than $7 million has netted its investors a "nice tidy sum." The adult standards station was sold by AM 740 Prime Time Radio Inc., to MZ Media Inc., 100 per cent owned by Znaimer, on Sept. 17, 2006, for $7,320,433. Proceeds donated to Oakville Rotary Water for Humanity Project EMMETT PLAYS CLAPTON Thursday January 24th Rik Emmett explains... "It's very liberating for me to be able to lose myself in the classic music of Eric Clapton, to shed all the baggage of three decades of my own repertoire. And it's just such a fantastic body of work to choose from." RUBBER BAND DANCE Friday January 25th Victor Quijada has an eclectic background ranging from ballet to jazz, hip hop to modern. He brings to the stage his practice of breakdancing and highlighting many aspects of jazz and ballet into a new form of high energy dance! THE COMEDY LOUNGE Saturday January 26th Enjoy an eclectic mix of stand-up, sketch and improv hosted by Jon Dore, and featuring Sean Cullen plus one more guest comedian. This is sure to be a night of laugh-a-minute stand-up comedy! Language and content may offend some. MAGICAL MOMENTS IN TIME Sunday January 27th Recommended Age Range: 7+ years. In Ted and Marion Outerbridge's Magical Moments in Time, comedy meets mind-bending illusions, making for a uniquely bewitching and hilarious performance of dance, magic & theatre. All performances are at The Oakville Centre for the Performing Arts To order tickets call 905-815-2021 or 1-888-489-7784 Order on-line www.oakvillecentre.ca When the deal was announced, the sale price was not revealed. The price was included in documents filed by Znaimer for approval of the sale by the Canadian Radio-television and Telecommunications Commission (CRTC). AM 740 Prime Time Radio Inc., is a limited partnership owned by Whiteoaks Communications Group Ltd. (the Caine family of Oakville), 59.6 per cent, with Peter Gilgan of Mattamy Homes, Ken Harrigan, retired Ford of Canada president, insurance broker Terry Patterson and businessman George Patton owning 10.1 per cent each. These four investors "made a nice tidy sum over the past seven years, so they're happy," said Michael Caine, president of AM 740 Prime Time Radio Inc. "They didn't get into this because they wanted to become broadcasters. They did it because of a personal connection they have with me and as an investment." However, they won't get their money until the sale is approved by the CRTC, the federal broadcast regulator. Approval is expected in about two months, said Caine, pleased that at this point he does not anticipate traveling to Vancouver for a public hearing scheduled to begin there on Feb. 26. The sale of AM 740 is slotted into the `nonappearance phase subject to interventions' of the hearing according to the CRTC's recently released public notice. "Now, who's going to object? It's a straight business transaction," said Caine. The sale does not raise questions of concentration of ownership issues ­ Znaimer owns only one other radio station, CFMZ Classical 96 Toronto and Classical 103 Cobourg, purchased in 2006 ­ three years after he left the world of television. Znaimer is best known as the revolutionary creative genius behind CITY-TV and MuchMusic. After the sale is complete, AM 740 Prime Time Radio "will be wrapped up," said Caine. However, he won't be out of a job, nor will he leave his broadcast career behind, as CJMR 1320, a multicultural station and CJYE ­ Joy 1250, a Christian music station, are not part of the deal. "I'm not part of the deal," said Caine when first contacted by The Oakville Beaver last September about the sale. Znaimer plans to move AM 740 from The Broadcast Centre at 284 Church St., Oakville, into new studio facilities at his Classical 96 site in Toronto and operate it as a separate entity. He had approached Caine about selling AM 740 about eight months before Caine agreed to sell it last September. "I still have mixed feelings about the sale," said Caine, "but for the company to go where it should be going it was the right thing to do for business reasons." Caine said he'll invest money from the sale into his remaining business. "I still have two other stations that are moving along successfully and I may investigate in some other communications and entertainment business and technologies." AM 740 is Canada's top 50-plus broadcaster ­ and second across North America ­ with a adult standards music format spanning everything from fifties' crooners to folk. Launched on Jan 8, 2001 as AM 740, it was successful from the get go, said Caine. "Right from day one we were in the top 10 in Toronto radio." The station broadcasts over a 50,000watt clear multi-directional frequency with a coverage area that is one of the largest in North America extending across southern Ontario from Windsor to Kingston, north to Parry Sound and south into the United States reaching New York City, Washington, D.C., and Chicago. The station has more than a half million listeners in this area. WE PAY THE TAX EVENT! BUY NOW AND SAVE ON 2007 INVENTORY! Not to be combined with any other offer. 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(905) 827-4678 www.bertinstables.com WAL-MART CORRECTION NOTICE 3440 Fairview Street Burlington Heating · Air Conditioning · Fireplaces Fairview Street Commerce Crt Walkers Line Guelph Line PROVIDING COMFORT FOR 80 YEARS 905-634-7701 Winner OPEN SATURDAYS QEW Due to circumstances beyond our control, the 512 MB Digital Audio Player (#534669/84/94/712...) advertised in our current flyer (ending Jan. 11th) will not be available. ========================== Monday-Friday 8:00am - 4:30pm Saturday 10:00am - 4:00pm We apologize for any inconvenience this may have caused.