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Stingray to acquire assets of CHOO-FM from Golden West Broadcasting

Stingray Radio Inc., a wholly owned subsidiary of Canadian media and entertainment company Stingray Digital Group Inc., entered into an agreement to acquire the assets of CHOO-FM in Drumheller, Alberta, from Golden West Broadcasting Ltd.

Financial terms of the deal were not disclosed, but Stingray anticipates "the effective multiple paid is in the six times range," according to a Jan. 7 news release.

Stingray expects the acquisition, which is subject to approval from the Canadian Radio-television and Telecommunications Commission, to close mid-2019.