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CRTC approves five Newcap radio purchases
Newfoundland Capital of Dartmouth, NS has received approval from the Canadian Radio-television and Telecommunications Commission to purchase five radio broadcasting licences from Bell Media through its subsidiary Newcap. The stations are CHBM-FM and CFXJ-FM in Toronto, and CKZZ-FM, CHHR-FM, and CISL-AM in Vancouver. Newcap and Bell entered into the transaction in August 2013 and is expected to be completed by the end of this month.
"The acquisition of these stations in Canada's two largest radio markets is a rare opportunity and is a transformational move for Newcap," said company 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."