Newfoundland Capital Corp. has signed a deal to buy five radio stations in Toronto and Vancouver from Bell Media for $112 million (CN), plus the assumption of some liabilities. The company said the stations include Boom 97.3 and 93.5 Flow in Toronto and Virgin Radio 95.3, Shore 104.3 and AM 650 in Vancouver. Newfoundland Capital has 88 radio broadcast licenses across Canada.
The deal is subject to approval by 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,” president and CEO Rob Steele said in a statement.
“This provides an excellent opportunity for us going forward – greatly expanding our listener base and increasing the size of our business.”
The Newcap deal follows Bell’s recent acquisition of Astral that required the company to sell certain radio stations to comply with CRTC’s rules, which limits the number of stations a company can own in a single market, reports The Globe and Mail.