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Sunday, May 17, 2009

Facing a debt issue, Canada's Canwest sells its interest in four radio stations in Turkey

Although terms of the same were not disclosed, the money from the sale of Super FM, Metro FM, Joy Turk, and Joy FM to Spectrum Medya, a Turkey-based company, are destined to pay down a portion of Canwest Global Communication’s estimated $3.4 billion in debt. Canwest is currently in negotiations with its creditors and debt noteholders, and there’s a deadline of May 19 to come up with an agreement on future debt payments. Super FM is a Top-40 station broadcasting in Istanbul and Ankara. Metro FM is an English-language music station, while Joy FM (100.5) & Joy Turk (89.0) are based in Istanbul. You can listen to Metro FM by clicking here.

Tags: Canwest

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