Newcap Buys 12 From Haliburton
July 28, 2008 at 7:51 AM (PT)
NEWCAP is buying 12 FM stations in MUSKOKA, NORTH BAY, and TIMMINS, ONTARIO from HALIBURTON BROADCASTING GROUP INC. for C$18.95 million.
NEWCAP President and CEO ROB STEELE said, "This group of licenses is the most significant geographical expansion for NEWCAP since 2002, and considerably expands our reach in ONTARIO . It meets all of our investment criteria and gives us a presence in growing markets. There is potential for growth and we expect the licenses to be cash accretive in the short term. We are very pleased to add HALIBURTON's skilled radio professionals to NEWCAP's team and look forward to enhancing our presence in these markets."