Newcap Buys Out Standard's Interest In Alberta Group
May 17, 2007 at 5:45 AM (PT)
NEWCAP has bought out STANDARD RADIO's 23.66% minority interest in 3937844 CANADA INC., the partnership between the companies that owns 18 stations in ALBERTA, including AC CIQX (CALIFORNIA 103)/CALGARY and several small-market stations. STANDARD is getting C$11 million for its interest in the group.
"Increasing our ownership to 100% is very significant to NEWCAP RADIO," says Pres./CEO ROB STEELE. "Going forward it allows NEWCAP to enjoy all the benefits of these properties, which are in one of CANADA's most prosperous provinces and fastest-growing radio markets."