Over a year after going into an “Administrative Receivership” and seeking protection from its creditors, Intercity Broadcasting Network Inc, operator of G98.7FM, has announced the recommended buyer for the station – Neeti Ray of CINA Radio Group. Ray beat out over 60 other interested parties in the Sale and Investment Solicitation Process.
Ray brings to G98.7FM years of experience as a broadcast operator, with radio properties in Ontario, Quebec and Michigan.
While calls for the station to remain under Black ownership have grown in recent months, including a petition with over 13,000 signatures, Ray confirmed his commitment to Intercity Broadcasting Network’s vision and mission.
“As the licensee of G98.7 and custodian of the FM frequency, my responsibility, first and foremost, will be to adhere to and fulfil G98.7’s Conditions of Licence,” said Mr. Ray. “This includes, in particular, serving GTA’s Caribbean, African & Black communities.”
The transaction will provide G98.7FM with well-needed stability as it heads into its tenth year of operation.
“The new ownership group will provide financial and operational stability, enabling the station to grow and focus on providing high quality programming to its target audiences”, the official statement reads.
Founding shareholder and director, Delford Blythe, will continue as Station Manager and CFO until the necessary regulatory approvals are granted by the Canadian Radio-Television and Telecommunications Commission.