Newcap has been given approval by Canada’s CRTC to move forward with its purchase of five radio stations owned by Bell Media on 3/19. As part of its approval, the Commission revised value of the transaction to $125.9 million.
As Cartt.ca reported, Bell Media agreed to sell five of 10 radio properties as part of a list of conditions set by the CRTC pending its approval last June of BCE Inc.’s acquisition of Astral Media for $3.2 billion. Newfoundland Capital Corp.’s wholly-owned subsidiary Newcap Inc. originally agreed to buy the stations for $112 million.
For Newcap, which already owns 90 radio stations across Canada, the deal marks the company’s move into two of Canada’s largest radio markets. The stations include CHBM-FM (Boom 97.3) and CFXJ-FM (93.5 Flow) in Toronto, and CKZZ-FM (Virgin Radio 95.3), CHHR-FM (Shore 104.3 FM), and CISL-AM (AM 650) Vancouver.
