A consortium created by two Quebec businessmen has upped the ante in the battle to become owner of radio stations in Quebec that belong to Corus Entertainment Inc.
The group formed by Paul Tietolman and Nicolas Tetrault has offered $81 million for 11 stations, compared with the $80 million offered earlier this year by Cogeco Inc. and accepted by Corus.
The new bidders are also expected to table a separate offer for CKRS in Quebec’s Saguenay region, a station Cogeco did not include in its purchase.
Toronto-based Corus put the stations up for sale, saying they weren’t profitable enough.
In addition, there has been an increased challenge in recent years from Montreal-based Astral Media Inc., which has become Canada’s largest private-sector radio broadcaster and the dominant player in Quebec.
Cogeco owns Canada’s fourth-largest cable TV system as well as five radio stations in Quebec.
