Newcap buys five radio stations from Bell Media
By Adnews Staff
Dartmouth-based Newfoundland Capital Corporation, through its subsidiary Newcap, has entered into an agreement to buy five radio stations in Toronto and Vancouver from Bell Media. The deal, worth $112 million, includes Boom 97.3 and 93.5 Flow in Toronto, as well as Virgin Radio 95.3, Shore 104.3 and AM 650 in Vancouver. Bell is divesting itself of these stations as part of the terms of its acquisition of Astral. The agreement remains subject to approval from the CRTC and the Competition Bureau. "The acquisition of these stations in Canada's two largest radio markets is a rare opportunity and is a transformational move for Newcap," said Newcap president and CEO Rob Steele. "This provides an excellent opportunity for us going forward, greatly expanding our listener base and increasing the size of our business. We specialize exclusively in radio and all of our focus and expertise is dedicated to creating successful radio stations which benefits our employees, listeners and advertising clients."