On the same docket for the same station: 

4. 2784486 Ontario Limited
Toronto, Ontario
Application 2020-0800-5Application by 2784486 Ontario Limited (2784486) for authority to acquire from Intercity Broadcasting Network Inc. (Intercity) the assets of the English-language commercial specialty radio station CKFG-FM Toronto.2784486 is also requesting a new broadcasting licence to continue the operation of the undertaking under the same terms and conditions as those in effect under the current licence. 2784486 has also indicated its commitment to continue offering programming to the Caribbean and African communities of Toronto.Intercity is a corporation that was previously controlled by its majority shareholder, the late Fitzroy Gordon, and is now the subject of a court-appointed receivership exercised by A. Farber & Partners Inc.2784486 is a corporation wholly owned and controlled by Neeti P. Ray.Pursuant to the Asset Purchase Agreement between 2784486 and Intercity dated 25 September 2020, 2784486 would purchase the assets of the undertaking for $5,000,000. This transaction has been approved pursuant to an Approval and Vesting Order enacted by the Ontario Superior Court of Justice dated 19 October 2020. The applicant proposed a value of the transaction of $6,232,235, which includes the value of the leases assumed by the purchaser. It also proposed a tangible benefits package of $373,934 to be expended over seven consecutive broadcast years, representing 6% of its proposed value of the transaction.The Commission will also consider, as part of this proceeding, the application received by Intercity to renew its licence for CKFG-FM Toronto (Item 3 – 2021-0012-1).As part of Intercity’s renewal application for CKFG-FM (Item 3 – 2021-0012-1), the Commission sets out the licensee’s apparent instances of non-compliance for the current licence term.Any instances of apparent non-compliance will be examined as part of the renewal application (2021-0012-1) and in the context of this application (2020-0800-5). These instances of apparent non-compliance will be examined in accordance with the Commission’s approach set out in Update on the Commission’s approach to non-compliance by radio stations, Broadcasting Information Bulletin CRTC 2014-608, 21 November 2014.Should the Commission once again find the licensee in non-compliance, this would be the second consecutive licence term in which CKFG-FM will have been found in non-compliance with its regulatory requirements.2784486 has provided its comments related to the apparent non-compliance including its plans to pay any Canadian content development shortfalls.Following the closing of the transaction, 2784486 would become the licensee of CKFG-FM Toronto.Applicant's address:

Last edited by Hansa (March 22, 2021 3:58 pm)

RadioActive wrote:

Interesting point. As of last October, the sale to the owners of CINA seemed like a sure thing. The CRTC says a numbered company (2784486 Ontario Limited) is going to buy it, so unless Neeti P. Ray is doing it under another corporate name, it's hard to say exactly who is behind the bid. 

"2784486 is a corporation wholly owned and controlled by Neeti P. Ray"

It's Ray. I guess the license is also up and due to compliance issues the CRTC is required to issue a warning as well as put the new owner (assuming they approve the transfer) on notice of what needs to be fixed. I assume if Ray is able to convince the CRTC that he's taking the compliance issues seriously and can fix them the Commission will renew the license possibly with mandatory orders - unless Ray doesn't have a good track record with his other stations. 
 

Last edited by Hansa (March 22, 2021 4:37 pm)