Sources say firm exploring strategic options.

Canadian media conglomerate Standard Broadcasting Corp. has hired investment banks to advise it on a potential initial public offering that could value the company, sources say, at C$1 billion ($870,000).

The Toronto-based company, controlled by veteran broadcaster Allan Slaight, has retained Scotia Capital and RBC Dominion Securities -- both in Toronto -- to explore several strategic options, including selling a third of the company in a C$300 million ($261,000) income trust IPO.

Privated-owned Standard operates 51 radio stations across Canada, including talk radio outlet CFRB and Mix 99.9 (CKFM), both in Toronto. It operates the Internet portal Iceberg Radio in Canada and holds a significant stake in satellite radio provider Sirius Canada.