CRTC approves Attraction’s acquisition of CJLM 103.5 Joliette

M103.5, the “coeur de Lanaudière”, will soon have a new owner.

On Wednesday, the CRTC approved the acquisition of CJLM-FM 103.5 Joliette by Attraction Radio, a company controlled by Richard Speer.

CJLM, which can be heard on the air from the eastern half of Montreal, becomes Attraction’s sixth station. Others include CKRS-FM in Saguenay (a former Corus station which it’s trying to turn into a Rythme FM affiliate), CKGS-FM (Kool 105.5) in nearby La Baie, CHEQ-FM 101.5 in Sainte-Marie, CKYQ-FM in Plessisville/Victoriaville, and CJIT-FM in Lac-Mégantic.

Formerly an AM station whose history dates back to 1960, CJLM moved to FM in 1992 hoping that it would turn its financial situation around. It didn’t, and in 1995 the station went bankrupt. It was bought out by a cooperative of its employees and went back on the air. It’s this cooperative that is selling the station to Attraction.

The purchase price is $750,000, which includes the studio’s building and equipment, the transmission tower and the land it sits on. It does not include any debt. The deal was reached in October 2012 and announced in January 2013. It includes a two-year non-compete agreement preventing employees and investors from starting a competing radio station or luring away advertisers.

Since CJLM has lost money in the past three years, the CRTC has allowed the purchase without imposing a requirement for tangible benefits to the broadcasting system. The station’s licence remains unchanged.

Attraction says its business model is based on running these stations not as a network but as individual brands. “The stations run by Attraction Radio continue to offer essentially local programming produced by the resources of the station, programming that specifically responds to the needs of each of the markets that they serve,” the company says in its CRTC application. “These stations can also count on the support in terms of programming, sales, administration and regulatory affairs.”

The deal is expected to close shortly.

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