Newcap Buys Five Toronto, Vancouver Stations From Bell Media
August 26, 2013 at 6:07 PM (PT)
NEWCAP has purchased five radio stations in TORONTO and VANCOUVER being spun off by BELL MEDIA due to its acquisition of the ASTRAL MEDIA stations. The deal, for C$112 million plus assumption of liabilities, includes Adult Hits CHBM (BOOM 97.3) and Top 40/Rhythmic CFXJ (93.5 FLOW)/TORONTO and Hot AC CKZZ (VIRGIN RADIO 95.3), Triple A CHHR (SHORE 104.3), and Adult Standards CISL-A/VANCOUVER.
NEWCAP President and Chief Executive Officer ROB STEELE said, "The acquisition of these stations in CANADA's two largest radio markets is a rare opportunity and is a transformational move for NEWCAP. 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."
"Parting with valued and dynamic assets is never easy," said BELL MEDIA President, National Specialty and Pay TV, Radio, and Out-of-Home JACQUES PARISIEN. "However, NEWCAP's acquisition of CHBM-FM, CFXJ-FM, CKZZ-FM, CHHR-FM, and CISL-AM is tremendous news for the stations' employees, listeners, and clients, as well as the Canadian radio industry. NEWCAP is a well-respected company and we know that their strong management team will help these stations grow."