While neophyte media company Corus Entertainment picked up four over-the-air tv stations in a ‘package deal’ purchase of Power Broadcasting, Corus chief John Cassaday says specialty channels and radio still top its ‘buy’ list.

Displaying the savvy of a veteran shopper, Corus has deftly deposited several glittering ‘jewels’ in its broadcasting strong box with the recent acquisition of Montreal-based Power. In the deal, valued at $107.5 million (11 x ebitda) and subject to crtc approval, Corus gains three tv stations in Ontario and one in Quebec, and 17 radio stations.

The tv outlets are cbc affiliates ckws-tv Kingston, chex-tv Peterborough and chex-tv Oshawa, and tva affiliate chau-tv in Carleton, Que.

Spun-off from Shaw Communications as a publicly traded company which launched share trading Sept. 1, Corus had its eye on Power for some time, according to Cassaday.

‘I think everybody in the industry looked at those assets as jewels,’ he says. ‘We were in the right place at the right time.’

While Corus has declared itself most interested in buying radio stations and specialty tv channels – especially those aimed at teens and music fans – Cassaday says Power’s conventional tv assets came in a package deal and Corus does not plan any major changes.

‘A large part of the programming is supplied by the [affiliates’] networks. They’re not going to require a lot of management attention. They’re profitable. There are (tv-radio) cross-promotion possibilities, such as in Kingston where we have a radio and a tv station, and some advertising packages [can be offered]….There’s some local [programming] and some syndication. But we won’t be commissioning hours of drama or anything.’

Corus has already applied to the crtc for three digital specialty licences: the Food Channel with Alliance Atlantis Communications (20% to be held by Corus); teen-oriented Chaos with aac and Salter Street Films; and The Edge, an alternative, 24-hour music channel (Corus to hold 100%).

Meantime, Shaw and CanWest Global continue to negotiate their split of WIC Western International Communications; Cassaday says although the crtc has called an October hearing to discuss the potential impact of splitting up wic, the pending hearing will not speed Shaw and CanWest down the road to a deal. He says a major obstacle is that the deal threatens to leave both companies facing large tax bills.

Tax exposure aside, the existing deal would give Corus wic’s radio and specialty tv assets, which would significantly increase its media presence and selling power, especially in Ontario. Cassaday did not say whether Corus would retain the four conventional tv stations if the wic split is finalized.