DARTMOUTH, N.S. — Newfoundland Capital Corporation announced that its wholly-owned subsidiary, Newcap Inc., has signed an agreement to purchase CIZZ-FM and CKGY-FM radio broadcast licences in Red Deer, Alberta from Corus Entertainment Inc., pending approval from CRTC.
This demonstrates the Company’s continued commitment to growing its broadcast network through acquisitions in strategic markets. The purchase price is $9.0 million subject to adjustment in accordance with the purchase and sale agreement.
Newfoundland Capital Corporation has a strong presence in Alberta, already serving 22 communities in the province. Red Deer is the third largest city in Alberta and is an important base for the growing provincial economy. These radio stations are the market leaders and the highly dedicated employees have built exceptional goodwill in the community.
“We are very pleased with this acquisition for Newfoundland Capital,” said Rob Steele, President and Chief Executive Officer of NCC. “Our objective is to consolidate radio stations and build a national radio network."
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News